Guernsey Financial Services Commission updates Russia sanctions notice for LITASCO MIDDLE EAST DMCC

The Guernsey Financial Services Commission published a Russia sanctions notice advising that the details for LITASCO MIDDLE EAST DMCC on the UK consolidated list have been amended. The entity remains designated under the Russia Sanctions EU Exit Regulations 2019 and continues to be subject to an asset freeze, director disqualification, transport sanctions and trust services sanctions as implemented in the Bailiwick. The notice reminds businesses to check whether they maintain accounts or any other relationship with the entity or any other designated person and, where relevant, 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 such as interest and dividends and assets held on their behalf or at their direction. Any findings must be reported to the States of Guernsey Policy and 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 to entities owned or controlled by them, except under a permitted derogation or a licence issued by the Policy and Resources Committee. Where an affected relationship is identified, firms must also notify the Commission and provide a report under Handbook Rule 12.37 setting out, at a minimum, the relevant customer or transaction or asset linked to a sanctioned person and the nature of the business relationship or transaction including value, as soon as reasonably practicable after meeting statutory reporting requirements to the Policy and Resources Committee.