The Guernsey Financial Services Commission has notified businesses that details for Kinloss Property Limited have been varied on the UK Sanctions List. The entity remains designated under the Libya sanctions regime and continues to be subject to an asset freeze and director disqualification sanction, which apply in the Bailiwick of Guernsey through its implementation of UK sanctions regimes. Businesses must check for accounts or other relationships involving Kinloss Property Limited or any other designated person or entity. Relevant funds, assets and economic resources must be frozen immediately, and businesses must not make funds or economic resources available to designated persons, entities they own or control, or persons acting on their behalf, unless permitted by a derogation or license. Findings must be reported immediately to the Policy & Resources Committee in accordance with statutory reporting obligations. Firms that identify an affected relationship must also report it to the Commission as soon as reasonably practicable after completing the statutory report. The report must include the name of the customer, beneficial owner, key principal, transaction or asset linked to the designated person, as well as the nature and value of the relevant relationship, transaction or asset.
Guernsey Financial Services Commission notifies firms of revised Kinloss Property Limited listing, sanctions remain in force
The Guernsey Financial Services Commission has notified businesses that details for Kinloss Property Limited have changed on the UK Sanctions List, although its asset freeze and director disqualification sanction remain in force. Businesses must check for affected relationships, freeze relevant assets and make the required reports to the Policy & Resources Committee and the Commission.