The Guernsey Financial Services Commission has issued a notice identifying 15 individuals now designated under the United Kingdom’s Sudan sanctions regime and subject to asset freezes, travel bans and director disqualification sanctions. The measures apply in the Bailiwick of Guernsey, where businesses must check for affected accounts and relationships and immediately freeze relevant assets. The checks must cover the named individuals and other persons or entities designated under the regime. Freezing requirements extend to assets owned, held or controlled directly or indirectly, wholly or jointly, as well as income derived from those assets and assets belonging to persons acting on their behalf or at their direction. Businesses must not make funds or economic resources available to designated persons, entities they own or control, or persons acting on their behalf, except under a permitted derogation or licence from the Policy & Resources Committee. Businesses must report findings immediately to the Policy & Resources Committee. Under Handbook Rule 12.37, firms identifying affected relationships must also report to the Commission as soon as reasonably practicable after meeting their statutory reporting obligations to the committee. The report must identify the relevant customer, beneficial owner, key principal or linked transaction or asset, and describe the business relationship or occasional transaction, including the transaction or asset value.
Guernsey Financial Services Commission reports sanctions against 15 individuals under UK Sudan regime
The Guernsey Financial Services Commission has notified businesses that 15 individuals are now subject to asset freezes, travel bans and director disqualification sanctions under the United Kingdom’s Sudan sanctions regime. Businesses must check for affected relationships, immediately freeze relevant assets and report findings to the Policy & Resources Committee. Firms must also report affected relationships to the Commission under Handbook Rule 12.37.