The Guernsey Financial Services Commission (GFSC) published an Iran sanctions notice advising that the details of a UK-designated individual have been amended, with the designation continuing to have effect in the Bailiwick of Guernsey through Guernsey’s implementation of UK sanctions regimes. The amended entry relates to Ali Aliakbar Ansari (OFSI ID 17215; Unique ID IRN0254), who remains subject to an asset freeze and appears on the UK sanctions list. GFSC reminded businesses to check whether they hold accounts for, or otherwise have relationships with, designated persons and to treat any relevant funds, assets or economic resources as frozen with immediate effect, report any findings to the States of Guernsey Policy & Resources Committee, and comply with reporting obligations under section 14 of the Sanctions (Bailiwick of Guernsey) Law, 2018. Firms must also refrain from making funds or economic resources available to designated persons, entities owned or controlled by them, or those acting on their behalf, unless covered by a permitted derogation or a licence issued by the Policy & Resources Committee. Where an affected relationship is identified, firms should also notify the Commission and provide a report under Handbook Rule 12.37, including the relevant customer or transaction/asset details and the nature and value of the relationship or occasional transaction, as soon as reasonably practicable after meeting the statutory reporting requirements to the Policy & Resources Committee.

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