Guernsey Financial Services Commission issues Chemical Weapons sanctions notice reflecting three new UK designations and asset-freeze obligations

The Guernsey Financial Services Commission published a sanctions notice advising that two individuals and one entity have been designated under the UK Chemical Weapons (Sanctions) (EU Exit) Regulations 2019, as given effect in the Bailiwick of Guernsey, and are subject to an asset freeze. The designations cover Aleksey Viktorovich Rtishchev, Andrei Marchenko and Joint Stock Company Federal Scientific and Production Centre Scientific Research Institute of Applied Chemistry, and they will appear on the consolidated list. The notice instructs all businesses to check for any accounts or other relationships connected to the designated persons and to treat as frozen, with immediate effect, any funds, assets or economic resources directly or indirectly belonging to, owned, held or controlled by them, including derived property and assets held for persons acting on their behalf or at their direction. Firms must report any findings immediately to the States of Guernsey Policy & Resources Committee and comply with reporting obligations under the Sanctions (Bailiwick of Guernsey) Law, 2018, and must not make funds or economic resources available to designated persons or related owned or controlled entities unless covered by a permitted derogation or licence. Where an affected relationship is identified, firms are also expected to inform the Commission and submit a report under Handbook Rule 12.37 setting out at least the relevant customer or transaction details, the nature of the relationship or transaction, and the transaction or asset value, after meeting statutory reporting requirements to the Policy & Resources Committee.