The Guernsey Financial Services Commission issued a sanctions notice advising that 12 persons and entities have been added to the UK Global Human Rights Sanctions Regulations 2020 consolidated list, which is in effect in the Bailiwick of Guernsey, and are subject to an asset freeze. The newly designated entities are Golden Fortune Resorts World Company Limited, Jin Bei Group Company Limited, Cambodian Heng Xin Real Estate Company Limited, Uni More Group Company Limited, Byex Exchange Company Limited and Prince Global Group Limited. The newly designated individuals are Dara Ing, Zhongbiao Zhu, Bo Lei, Chhay Guy, Wei Ren Qiu and Zhi CHEN. Businesses must check whether they hold accounts for or otherwise have relationships with any designated person or entity and must treat as frozen (with immediate effect) any funds, other assets or economic resources directly or indirectly owned, held or controlled by them, including derived interest and dividends, and assets held for those acting on their behalf or at their direction. Any findings must be reported immediately to the States of Guernsey Policy & Resources Committee and firms must comply with the reporting obligations under section 14 of the Sanctions (Bailiwick of Guernsey) Law, 2018. Firms must also refrain from making funds or economic resources available, directly or indirectly, to designated persons, entities owned or controlled by them, or persons acting on their behalf, unless a permitted derogation applies or a licence has been issued by the Policy & Resources Committee. Where an affected relationship is identified, firms should also notify the Commission and, under Handbook Rule 12.37, provide a report setting out at least the relevant customer, beneficial owner, key principal or linked transaction and/or asset, and the nature of the relationship or occasional transaction, including the transaction and/or asset value, as soon as reasonably practicable after statutory reporting to the Policy & Resources Committee.

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