Guernsey Financial Services Commission issues notice on UK Iran sanctions list updates and ongoing asset freezes

The Guernsey Financial Services Commission published a sanctions notice alerting businesses to updates to the UK Iran (Nuclear) regime, including removals and amendments to entries, while stressing that the affected persons and entities remain subject to asset-freeze measures under other regimes. The UK sanctions list has been updated, and firms are reminded to identify any relationships with designated persons or entities and ensure relevant funds and economic resources are treated as frozen where required. Mohammad Ali Jafari (Unique ID: IRN0058) has been removed from the UK Iran (Nuclear) regime but remains subject to an asset freeze under the Iran regime, while the ISLAMIC REVOLUTIONARY GUARD CORPS (IRGC) QODS FORCE (Unique ID: INU0082) has been amended and remains subject to an asset freeze. The notice reiterates that UK sanctions regulations are 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, and that firms must report relevant findings to the States of Guernsey Policy & Resources Committee and then provide the Commission with a report under Handbook Rule 12.37 containing, at minimum, the relevant customer or transaction details and the nature and value of the relationship or transaction, as soon as reasonably practicable after statutory reporting.