Financial Crime World

Title: New Financial Crime Sanctions on Belarus: JSC PLANAR and Precise Electro-Mechanics Plant

The Isle of Man Government has announced the addition of two new entities to the Belarus sanctions regime in response to human rights concerns and political instability in Belarus. These sanctions take effect immediately.

New Entities under Belarus Sanctions

The following Belarusian entities will now be subject to the Belarus (Sanctions) (EU Exit) Regulations 2019:

  1. JSC PLANAR (Open Joint Stock Company PLANAR)
    • A Minsk-based electronics sector company.
    • Accused of obtaining a benefit from or supporting the government in a sector of strategic significance to the Belarusian regime.
  2. Precise Electro-Mechanics Plant (Republican Production Unitary Enterprise Precise Electro-Mechanics Plant, Rue Precise Electro-Mechanics Plant)
    • A Minsk-based company operating in the defence sector.
    • Penalized for supporting or facilitating Russia’s actions in relation to Ukraine and involvement in supplying goods or technology that could contribute to such activities.

Required Actions for Financial Institutions and Concerned Parties

Financial institutions and other concerned parties must take immediate action in response to these new sanctions:

  1. Freeze Assets and Disengage: Check if they maintain any accounts or hold funds or economic resources for these designated entities. If so, freeze those assets and refrain from dealing with them.
  2. Reporting to FIU: Mandatory reporting to the Financial Intelligence Unit (FIU). Failure to comply with financial and trade sanctions regulations is considered a criminal offense.

UK Sanctions List Update

The updated UK Sanctions List, overseen by the Foreign, Commonwealth and Development Office, reflects these new designations. For a comprehensive list of all designated entities, visit the UK Sanctions List website.

Importance of Staying Informed

The Isle of Man Government emphasizes the importance of staying informed about economic sanctions and the consequences of non-compliance. For more information, contact the Financial Intelligence Unit at fiu@gov.im.