The Guernsey Financial Services Commission issued a domestic counter-terrorism sanctions notice confirming that Blood and Honour (Unique ID: CTD0006) has been added to the list of persons designated under the Counter Terrorism (Sanctions) (EU Exit) Regulations 2019 and is subject to an asset freeze in the Bailiwick of Guernsey. The UK regime is given effect locally through the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 made under the Sanctions (Bailiwick of Guernsey) Law, 2018. Businesses must check whether they hold accounts for, or otherwise have relationships with, the designated entity (or any other designated person) and must treat as frozen, with immediate effect, any funds, assets or economic resources owned, held or controlled directly or indirectly, including jointly held assets and income derived from them, as well as assets of persons acting on behalf of or at the direction of a designated person. 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 (Bailiwick of Guernsey) Law, 2018; they must also refrain from making 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. Where an affected relationship is identified, firms should also inform the Commission and, under Handbook Rule 12.37, submit a report setting out at minimum the name of the customer, beneficial owner, key principal or linked transaction or asset, and the nature of the relationship or occasional transaction including value, as soon as reasonably practicable after meeting statutory reporting requirements to the Policy & Resources Committee.

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