Mali Financial Crimes Act: Correction Made to Sanctions List, UK Warns of Serious Consequences for Non-Compliance

The Foreign, Commonwealth and Development Office has updated the UK sanctions list regarding Mali, correcting an entry that was previously listed. The correction identifies Ivan Aleksandrovitch Maslov, a Russian national, as the Head of Wagner Group in Mali, responsible for violating international humanitarian law.

Sanctions Imposed on Maslov

Maslov is subject to asset freeze and is considered involved in the commission of serious human rights violations or abuses, including the deliberate targeting of civilians. The UK has designated him under the Mali (Sanctions) (EU Exit) Regulations 2020, which impose financial sanctions on individuals who fail to comply with the Agreement on Peace and Reconciliation in Mali.

Financial Institutions Required to Comply

Financial institutions and other persons are required to:

• Check whether they maintain any accounts or hold funds for Maslov
• Freeze such assets unless licensed by the Treasury
• Report their findings to the Financial Intelligence Unit (FIU)

Failure to comply with financial and trade sanctions legislation can result in criminal charges.

Consequences of Non-Compliance

The UK has warned that attempting to circumvent or evade sanctions provisions is a serious offense. The UK has also urged all relevant parties to ensure compliance with financial crimes regulations, stressing that any non-compliance will be taken seriously and may result in severe consequences.

Additional Resources

For more information on the Mali sanctions regime and links to other financial sanctions regimes, please visit:

• The Customs and Excise pages of the Isle of Man Government website
• The UN Sanctions Committee webpage

Remember, compliance with financial crimes regulations is crucial. Any non-compliance will be taken seriously and may result in severe consequences.