The Guernsey Financial Services Commission has notified businesses that the sanctions details for Congo River Alliance, reference DRC0076, have been corrected. The entity remains subject to an asset freeze under the United Kingdom’s Democratic Republic of the Congo sanctions regime, which applies in the Bailiwick of Guernsey.
All businesses must check for accounts or other relationships with the entity and other designated parties. Relevant funds, assets and economic resources must be frozen immediately if they are not already frozen. This includes assets owned or controlled directly or indirectly, income derived from those assets, and assets belonging to parties acting on a designated party’s behalf or direction. Businesses must not make funds or economic resources available to or for the benefit of designated parties, entities they own or control, or parties acting on their behalf, except under an applicable permitted derogation or licence.
Businesses must report findings immediately to Guernsey’s Policy & Resources Committee and meet the statutory reporting obligations. Firms identifying an affected relationship must also report to the Commission as soon as reasonably practicable after meeting those obligations. The Commission’s report must identify the relevant customer, beneficial owner, key principal, transaction or asset and describe the relationship or occasional transaction, including the transaction or asset value. Firms should also provide information on the sanctions connection and measures taken or planned.