Saturday, July 21, 2018
You are here: Isle of Man > Isle of Man News
Isle of Man News
General News
Financial Sanctions: Burma/Myanmar 6 May 2008

This news release is issued in respect of the financial measures taken against Burma/Myanmar.

The Treasury advises that following publication of Commission Regulation 385/2008/EC in the Official Journal of the European Union, on 30 April 2008 the Commission of the European Communities has amended Annex VI and Annex VII to Council Regulation (EC) No 194/2008. This EU Regulation was applied and implemented in the Island by means of the European Communities (Burma/Myanmar Sanctions) (Application) Order 2008 and Burma/Myanmar Sanctions Regulations 2008.

Annex VI lists the individual members of the Government of Burma/Myanmar and natural or legal persons, entities or bodies associated with them who are subject to the freezing of funds and economic resources under chapter 4 of Council Regulation (EC) No 194/2008.

Annex VII lists the Burmese state-owned enterprises subject to restrictions on investment under chapter 5 of Council Regulation (EC) No 194/2008.

Commission Regulation (EC) No 285/2008 provides the authorative list of amendments made to the targets in Annex VI to Council Regulation (EC) No 194/2008. The information provided in Annex A to HM Treasury's news release of 2 May 2008 sets out their understanding of the main changes made to the list of targets in Annex VI to Council Regulation (EC) No 194/2008. The HM Treasury news release may be accessed here.

Financial institutions and other persons are required to check whether they maintain any accounts or otherwise hold any funds, other financial assets, economic benefits and economic resources for the individuals and entities named. If so, they should freeze the accounts or other funds and report their findings to the Sanctions Officer at Customs and Excise.

Further details of the sanctions regime related to Burma/Myanmar and links to the consolidated list of individuals and entities subject to these and other financial sanctions regimes may be found on the Customs and Excise pages of the Isle of Man Government web site.

More stories >>>  

Other Guides by Maxima Systems Ltd: Disney World