The Guernsey Financial Services Commission published a sanctions notice advising that an entry for BSQUARE TECHNOLOGY CO. LTD. (Unique ID: GHR0183) has been corrected under the UK Global Human Rights Sanctions Regulations 2020. The entity remains subject to an asset freeze and director disqualification sanction and continues to appear on the UK sanctions list, which has effect in the Bailiwick under Guernsey’s implementing regulations made under the Sanctions (Bailiwick of Guernsey) Law 2018. Businesses must check whether they hold any accounts or have any relationship with the entity or any other designated person, and must ensure any funds, assets or economic resources owned, held or controlled directly or indirectly by a designated person are treated as frozen with immediate effect if not already frozen. 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 Law. Firms must also refrain from making funds or economic resources available, directly or indirectly, to designated persons, entities they own or control, or those 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 inform the Commission, and Handbook Rule 12.37 requires a report to the Commission (including at least the relevant customer or transaction and the nature and value of the relationship or transaction) as soon as reasonably practicable after statutory reporting to the Policy & Resources Committee.

Original source View in tracker