The Guernsey Financial Services Commission has alerted businesses that Islamic Movement of Companions of the Right, identified as IRN0281, has been designated under the United Kingdom's Iran sanctions regime. Because the UK regulations take effect in the Bailiwick through Guernsey's sanctions implementation framework, the entity is now subject to an immediate asset freeze and will appear on the UK sanctions list. Firms must check whether they hold accounts for, or otherwise have relationships with, the designated entity or any other person or body designated under the same legislation. Any funds, assets or economic resources linked directly or indirectly to the designated entity must be treated as frozen, including property owned or controlled wholly or jointly, proceeds such as interest or dividends, and assets held by persons acting on its behalf or at its direction. Businesses must also avoid making funds or economic resources available, directly or indirectly, to designated persons, entities they own or control, or persons acting for them, unless a permitted derogation applies or a licence has been issued by the Policy & Resources Committee. Findings must be reported immediately to the Policy & Resources Committee in line with the Sanctions Law, and affected relationships must also be reported to the Commission. Under Handbook Rule 12.37, that report must include at least the relevant customer, beneficial owner, key principal, transaction or asset, and the nature and value of the relationship or transaction.

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