IoM: UK authorities issue Red Alert on Russia sanctions busting

The Isle of Man Customs & Excise Division of Treasury has drawn attention to a ‘Red Alert' published by the UK National Economic Crime Centre, intended to promote awareness and encourage preventative action in respect of those trying to evade financial sanctions put in place following the Russian invasion and war on Ukraine. The alert further highlights common techniques that so-called designated persons and their UK enablers are suspected of using to facilitate such evasion. The sanctions are set out the Russia (Sanctions) (EU Exit) Regulations 2019 (S.I. 2019/855), which are given e...