The Guernsey Financial Services Commission has published a Global Human Rights sanctions notice advising that the UK designation for TIAN XU INTERNATIONAL TECHNOLOGY PLC (Unique ID: GHR0182) has been amended and remains subject to an asset freeze and director disqualification. The UK Global Human Rights Sanctions Regulations 2020 apply in the Bailiwick of Guernsey through the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations 2020 made under the Sanctions (Bailiwick of Guernsey) Law 2018. Businesses are required to check whether they hold accounts or other relationships with the designated entity, or with any other person designated under the relevant legislation, and to treat any related funds, assets or economic resources as frozen with immediate effect where this is not already the case. Any findings must be reported immediately to the States of Guernsey Policy & Resources Committee and firms must comply with the reporting obligations in section 14 of the Sanctions Law. Firms must also refrain from making funds or economic resources available, directly or indirectly, to designated persons, entities they own or control, or persons acting on their behalf, unless a permitted derogation applies or a licence has been issued by the Policy & Resources Committee. Under Handbook Rule 12.37, firms must provide a report to the Commission setting out at least the relevant customer or other linked party/transaction or asset and the nature and value of the relationship or transaction, as soon as reasonably practicable after completing statutory reporting to the Policy & Resources Committee.

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