The Guernsey Financial Services Commission issued a sanctions notice advising that the designation details for DOMINGO ANTONIO HERNANDEZ LAREZ (Group ID: 16733), designated under the United Kingdom’s Venezuela (Sanctions) Regulations 2019, have been amended. The individual remains subject to an asset freeze and appears on the UK consolidated list, with the UK regime given effect in the Bailiwick of Guernsey under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 made under the Sanctions (Bailiwick of Guernsey) Law, 2018. The notice instructs all businesses to check for any accounts or other relationships with the designated individual or any other designated person and to treat relevant funds, assets and economic resources as frozen with immediate effect. Any findings must be reported immediately to the States of Guernsey Policy & Resources Committee and firms must comply with reporting obligations under section 14 of the Sanctions (Bailiwick of Guernsey) Law, 2018. Businesses must also refrain from making funds or economic resources available to designated persons (or entities they own or control, or those acting on their behalf) except where a permitted derogation applies or a licence has been issued; where an affected relationship is identified, firms should inform the Commission and submit a report under Handbook Rule 12.37 covering at least the relevant party or transaction/asset and the nature of the relationship or transaction, including value, as soon as reasonably practicable after statutory reporting to the Policy & Resources Committee.

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