Financial Crime World

CENTRAL AFRICAN REPUBLIC: Financial Institutions Warned Over Involvement in Human Rights Violations

UK Sanctions List Updated to Include Russian Wagner Commander

The United Kingdom has updated its sanctions list to include Konstantin Pikalov, also known as Uncle Pikalov, a Russian Wagner commander accused of committing violations of international humanitarian law in the Central African Republic. This update requires financial institutions and individuals to freeze funds and economic resources linked to the designated individual.

Serious Human Rights Violations

Pikalov has been identified as a key figure involved in the commission of serious human rights violations in the war-torn country. The sanctions regime aims to impose financial penalties on those who undermine or threaten the peace, stability, and security of the Central African Republic.

Requirements for Financial Institutions

Under the regulations, individuals and institutions are required to:

  • Check whether they maintain any accounts or hold funds for designated individuals
  • Freeze the accounts if found
  • Refrain from dealing with the funds unless licensed by the Treasury
  • Failure to comply with financial sanctions legislation is a criminal offence

Update Follows Foreign Office Decision

The update follows the Foreign, Commonwealth and Development Office’s decision to add Pikalov to the UK Sanctions List. This move is part of efforts to combat financial crime and support peace and stability in the Central African Republic.

Reporting Requirements

Financial institutions are advised to review their records and report any findings to the Financial Intelligence Unit (FIU). Those already holding frozen accounts for designated individuals do not need to report again.

Sanctions Regime Objectives

The sanctions regime is designed to target those who:

  • Provide support to armed groups or criminal networks
  • Obstruct humanitarian assistance
  • Engage in actions that undermine the peace and security of the Central African Republic

UN Imposes Sanctions on Pikalov

The United Nations has also imposed sanctions on Pikalov and others involved in human rights violations in the country.

Additional Information

For more information on the sanctions regime and how it applies to financial institutions, please visit the Isle of Man Government’s Customs and Excise pages.