The Guernsey Financial Services Commission has notified businesses that three individuals and 23 entities have been designated under the Russia (Sanctions) (EU Exit) Regulations 2019 and are now subject to sanctions in the Bailiwick of Guernsey. Businesses must immediately check for affected accounts and relationships, freeze relevant funds and economic resources, and report any findings to the Policy & Resources Committee. The restrictions cover assets directly or indirectly owned, held or controlled by designated persons, including jointly held assets, derived property and assets belonging to persons acting on their behalf or at their direction. Businesses must not make funds or economic resources available to or for the benefit of designated persons, entities they own or control, or persons acting for them, unless a permitted derogation or Policy & Resources Committee licence applies. After meeting the statutory reporting requirements, regulated firms must report affected relationships to the Commission as soon as reasonably practicable. The report must identify the relevant customer, beneficial owner, key principal, transaction or asset and describe the relationship or transaction, including its value.
Guernsey Financial Services Commission requires checks and asset freezes for 26 Russia sanctions designations
The Guernsey Financial Services Commission has directed businesses to check for exposure to three individuals and 23 entities designated under the UK Russia sanctions regime. Relevant assets must be frozen immediately, funds must not be made available to designated parties, and affected relationships must be reported to the Policy & Resources Committee and the Commission.