The Guernsey Financial Services Commission published a sanctions notice advising that the designation details for Alexander Vasilevich Shakutin (Group ID: 14029) under the United Kingdom’s Republic of Belarus sanctions regime have been amended. The individual remains designated on the UK consolidated list and continues to be subject to sanctions as implemented in the Bailiwick of Guernsey. The notice directs all businesses to check for any accounts or other relationships with the designated person or other persons or entities designated under the relevant legislation, and to treat as frozen with immediate effect any funds, assets, or economic resources directly or indirectly owned, held or controlled by them (including derived property and assets held via intermediaries). Any findings must be reported immediately to the States of Guernsey Policy & Resources Committee in line with reporting obligations under section 14 of the Sanctions (Bailiwick of Guernsey) Law, 2018, and firms must not make funds or economic resources available (directly or indirectly) to designated persons or controlled entities except where a permitted derogation applies or a licence has been issued. Where an affected relationship is identified, firms are also required to inform the Commission and submit a report under Handbook Rule 12.37 setting out, at a minimum, the relevant party or linked transaction/asset and the nature of the relationship or transaction, including the value, after meeting statutory reporting requirements to the Policy & Resources Committee.

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