Guernsey Financial Services Commission alerts firms to Iran sanctions designation of Islamic Movement of Companions of the Right

The Guernsey Financial Services Commission has notified firms that Islamic Movement of Companions of the Right has been designated under the United Kingdom's Iran sanctions regime, which is given effect in the Bailiwick of Guernsey through local sanctions implementation regulations. The designation means the entity is now subject to an asset freeze with immediate effect and will appear on the United Kingdom sanctions list. Businesses must check whether they hold accounts for, or otherwise have any relationship with, the designated entity or any other designated person under the relevant legislation. Any funds, assets or economic resources that are owned, held or controlled by such persons, including assets held indirectly, jointly, through persons acting on their behalf, or derived from those assets, must be treated as frozen if this has not already been done. Firms must also refrain from making funds or economic resources available, directly or indirectly, except where a permitted derogation applies or a licence has been issued by the Policy and Resources Committee. Where an affected relationship is identified, firms must report it immediately to the Policy and Resources Committee in line with the reporting obligations under the Sanctions Law and must also notify the Commission. Under Handbook Rule 12.37, the report to the Commission must include at least the name of the relevant customer, beneficial owner, key principal or linked transaction or asset, together with the nature and value of the business relationship or occasional transaction, and should be submitted as soon as reasonably practicable after the statutory report to the Policy and Resources Committee.