Guernsey Financial Services Commission updates Russia sanctions notice for Albert Kashafovich Shigabutdinov asset freeze designation

The Guernsey Financial Services Commission published a Russia sanctions notice confirming that details relating to Albert Kashafovich Shigabutdinov (Group ID: 15609) have been amended, while he remains subject to an asset freeze and trust services sanctions. The notice links the designation to the United Kingdom’s consolidated list, which is given effect in the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 made under the Sanctions (Bailiwick of Guernsey) Law, 2018. Firms are required to check whether they hold accounts for, or otherwise have any relationship with, the designated individual or any other designated person, entity or body and to treat relevant funds, assets and economic resources as frozen with immediate effect where this is not already the case. Any findings must be reported immediately to the States of Guernsey Policy & Resources Committee and firms must comply with statutory reporting obligations under section 14 of the Sanctions Law, while also refraining from making funds or economic resources available (directly or indirectly) to designated persons, entities owned or controlled by designated persons, or persons acting on their behalf, except where a permitted derogation applies or a licence has been issued by the Policy & Resources Committee. Where an affected relationship is identified, firms should also report to the Commission in line with Handbook Rule 12.37, including the linked customer or transaction/asset and the nature and value of the relationship or transaction, as soon as reasonably practicable after meeting the statutory reporting requirements.