Guernsey Financial Services Commission amends Russia sanctions designation details for Saodat Narzieva

The Guernsey Financial Services Commission published a Russia sanctions notice confirming that the designation details for Saodat Narzieva (Unique ID RUS1319) have been amended under the Russia (Sanctions) (EU Exit) Regulations 2019. The individual remains subject to an asset freeze, travel ban, trust services sanctions and a director disqualification sanction, and continues to appear on the United Kingdom sanctions list, which is given effect in the Bailiwick under Guernsey’s sanctions framework. The notice reiterates that all businesses must check for any accounts or other relationships with the designated individual (and any other designated person) and ensure relevant funds, assets and economic resources are treated as frozen immediately, including assets owned or controlled directly or indirectly and assets held on behalf of, or at the direction of, designated persons. Any findings must be reported immediately to the States of Guernsey Policy & Resources Committee, and businesses must not make funds or economic resources available to designated persons or entities they own or control unless a permitted derogation applies or a licence has been issued by the Policy & Resources Committee; firms that identify an affected relationship should also notify the Commission and submit a report under Handbook Rule 12.37 covering, at a minimum, the relevant customer or transaction and the nature and value of the relationship or transaction, as soon as reasonably practicable after statutory reporting to the Policy & Resources Committee.