The Guernsey Financial Services Commission has notified businesses that details for Kinloss Property Limited have been varied on the UK Sanctions List under the Libya sanctions regime. The entity remains designated and subject to an asset freeze and director disqualification sanction, which apply in the Bailiwick of Guernsey through its implementation of UK sanctions regimes. Businesses must check for accounts, assets or other relationships connected to Kinloss Property Limited or other designated persons under the legislation. Relevant funds and economic resources must be frozen immediately if they are not already frozen, and businesses must not make assets available to designated persons or related entities except under an applicable derogation or licence. Findings must be reported immediately to the Policy & Resources Committee. Regulated firms must also report affected relationships to the Commission as soon as reasonably practicable after meeting their statutory reporting obligations, identifying the relevant party or asset, the nature of the relationship or transaction and its value.
Guernsey Financial Services Commission alerts businesses to varied UK sanctions listing for Kinloss Property Limited
The Guernsey Financial Services Commission has alerted businesses that details for Kinloss Property Limited have been varied on the UK Sanctions List, although its asset freeze and director disqualification sanction remain in force. Businesses must check for affected relationships, freeze relevant assets and make the required reports to the Policy & Resources Committee and, for regulated firms, the Commission.