The Guernsey Financial Services Commission published a sanctions notice advising that 10 individuals and entities have been added to the list of persons currently designated under the United Kingdom’s Global Human Rights Sanctions Regulations 2020, which are given effect in the Bailiwick under Guernsey’s UK-regime implementation regulations made under the Sanctions (Bailiwick of Guernsey) Law, 2018. The notice reminds all businesses to check for relationships with the designated persons and to apply asset-freeze and reporting requirements. The additions are Kuok-Koi WAN (GHR0181), Weizhi PANG (GHR0184), Soklim EANG (GHR0185), Thet LI (GHR0187), Xiaoyan WANG (GHR0188), An Ming WU (GHR0189), TIAN XU INTERNATIONAL TECHNOLOGY PLC (GHR0182), BSQUARE TECHNOLOGY CO. LTD (GHR0183), LEGEND INNOVATION CO. LTD (GHR0186) and XINBI COMPANY LIMITED (GHR0190). Businesses must treat as frozen, with immediate effect if not already frozen, any funds, other assets or economic resources belonging to, owned, held or controlled (directly or indirectly, wholly or jointly) by designated persons, including relevant derived property and assets of persons acting on their behalf or at their direction, and report findings to the States of Guernsey Policy & Resources Committee in line with statutory reporting obligations. 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 or at their direction, except where a permitted derogation applies or a licence has been issued by the Policy & Resources Committee. Where an affected relationship is identified, firms are also asked to inform the Commission and, under Handbook Rule 12.37, provide a report setting out at least the relevant customer or transaction/asset linked to the designated person and the nature of the business relationship or occasional transaction, including the transaction or asset value, as soon as reasonably practicable after completing statutory reporting to the Policy & Resources Committee.
Guernsey Financial Services Commission 2026-03-26
Guernsey Financial Services Commission issues Global Human Rights sanctions notice adding 10 new UK-designated persons and entities
The Guernsey Financial Services Commission has added 10 individuals and entities to the UK’s Global Human Rights Sanctions Regulations 2020 list, effective in the Bailiwick under Guernsey’s implementation regulations. Businesses must freeze assets linked to these designated persons and report to the States of Guernsey Policy & Resources Committee. Firms are also required to notify the Commission and provide detailed reports on affected relationships.