Financial Crime World

Title: Guinea Sanctions: A Look at the Regulations and Their Implications for the Isle of Man

The Isle of Man Government has enforced new regulations to implement financial and immigration sanctions against individuals and entities responsible for violent repression in Guinea on September 28, 2009, and its aftermath. These Guinea Sanctions, which were introduced with the Guinea (Sanctions) (EU Exit) Regulations 2019, came into local effect through the Sanctions (Implementation of UK Sanctions) Regulations 2024.

Background

These regulations aim to hold accountable those involved in the violent events and encourage investigations. The sanctions apply within the territory of the Isle of Man and cover all persons, including Islanders, bodies incorporated under Isle of Man law, and even individuals outside the island who meet the definition of an Island person.

Prohibitions and Requirements (1)

Designation of Persons (3a)

  • Designated individuals have their designations automatically apply to the Isle of Man, following the UK’s designation.
  • Reasons for designation include those directly or indirectly involved in the violent repression or its aftermath.
  • The United Kingdom Sanctions List maintains the list of designated persons and details of their sanctions.

Financial Sanctions (3b)

  • Financial sanctions involve an asset freeze (both monetary and non-monetary assets) and prohibitions on making funds available to or for the benefit of designated persons.
  • Financial institutions must report information about known or suspected designated persons to the Treasury and are granted powers to request relevant documents.

Immigration Sanctions (3c)

  • The regulations impose a travel ban on designated persons, making them excluded persons under the Immigration Act 1971 in the Isle of Man.
  • This prevents them from entering or remaining in the UK/IOM, including refusal of visa applications for transit purposes.
  • Foreign nationals already in the UK/IOM are subject to removal.

Information and Record Keeping (4)

  • Part 6 of the regulations requires relevant firms to report designated persons or suspicious activity to the Financial Intelligence Unit (FIU) via THEMIS.
  • The Treasury can also request information, and failure to compile with these requests may result in offenses.

Enforcement and Penalties (5)

  • Sanctions breaches are criminal offenses, and both the individuals committing the offenses and those enabling or facilitating them are subject to penalties, including imprisonment and significant fines.

Exceptions and Licensing (6)

  • The regulations establish exceptions and licensing procedures for financial and immigration sanctions under certain circumstances.

Contact and Resources (7)

For more information, contact the Isle of Man Treasury at sanctions@gov.im or call 01624 648109. Sign up for Notices to Exporters and visit the Sanctions and Export Control website for updates on trade sanctions.