The Guernsey Financial Services Commission has notified firms that two entities and seven individuals have been designated under the United Kingdom's Chemical Weapons sanctions regime, which has effect in the Bailiwick through Guernsey's implementation of UK sanctions regimes. The two entities, The State Research Institute of Military Medicine and SC Signal, are subject to asset freeze and director disqualification measures. The seven individuals are subject to asset freeze, travel ban and director disqualification measures. Businesses must treat any relevant funds, assets and economic resources as frozen with immediate effect if they have not already done so. Firms must check whether they maintain accounts or any other relationship with the named persons or entities, or with any other person designated under the same legislation. The freeze applies to assets and economic resources directly or indirectly owned, held or controlled by designated persons, to related proceeds such as interest or dividends, and to assets of persons acting on their behalf or at their direction. Businesses must also refrain from making funds or economic resources available, directly or indirectly, to designated persons, to entities they own or control, or to persons acting on their behalf, unless a permitted derogation applies or a licence has been issued by the Policy & Resources Committee. Any findings must be reported immediately to the Policy & Resources Committee, alongside compliance with section 14 reporting obligations under the Sanctions Law. Where an affected relationship is identified, firms must also notify the Commission with short-form information on the sanctions connection and the measures taken or intended. Under Handbook Rule 12.37, that report must be submitted as soon as reasonably practicable after the firm's statutory reporting to the Policy & Resources Committee and must include, at a minimum, the relevant customer, beneficial owner, key principal, transaction or asset linked to a sanctioned person, together with the nature and value of the relationship or transaction.
Guernsey Financial Services Commission2026-07-06
Guernsey Financial Services Commission alerts firms to two entities and seven individuals newly designated under chemical weapons sanctions
The Guernsey Financial Services Commission has warned firms that two entities and seven individuals have been newly designated under the United Kingdom's Chemical Weapons sanctions regime, which applies in Guernsey. Businesses must screen for affected relationships, freeze relevant assets immediately and avoid making funds or economic resources available to designated persons except where a derogation or licence applies. Firms that identify a match must report it to the Policy & Resources Committee and then notify the Commission under Handbook Rule 12.37.