The Guernsey Financial Services Commission has notified firms that Libyan Arab African Investment Company, unique ID LIB0001, has been removed from the United Kingdom sanctions list and is no longer subject to an asset freeze or director disqualification sanction. The notice reflects an update to the UK sanctions list, which has effect 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. Where a firm has identified an affected relationship linked to this sanctions change, it must inform the Commission and provide short-form information on the sanctions connection and the measures taken or intended. Under Handbook Rule 12.37, the report must include at least the name of the customer, beneficial owner, key principal, or the transaction or asset linked to a sanctioned or designated person, and the nature of the business relationship or occasional transaction, including the transaction or asset value. The report must be submitted to the Commission as soon as reasonably practicable after the firm has met its statutory reporting obligations to the States of Guernsey Policy and Resources Committee.
Guernsey Financial Services Commission2026-06-26
Guernsey Financial Services Commission alerts firms to UK sanctions delisting of Libyan Arab African Investment Company
The Guernsey Financial Services Commission said Libyan Arab African Investment Company has been removed from the UK sanctions list and is no longer subject to an asset freeze or director disqualification sanction. Because UK sanctions are implemented in Guernsey, firms with affected relationships must notify the Commission and provide the required Rule 12.37 report after completing statutory reporting to the States of Guernsey Policy and Resources Committee.