The Guernsey Financial Services Commission published an Iran sanctions notice advising that a range of individuals and entities have been designated under the United Kingdom’s Iran (Sanctions) (Nuclear) (EU Exit) Regulations 2019, which are given effect in the Bailiwick of Guernsey under local implementing regulations, and are therefore subject to an asset freeze. The notice lists multiple designated banks, energy and industrial companies and related bodies, as well as nine individuals, and notes they will appear on the consolidated list. All businesses must check for any accounts or other relationships with designated persons, immediately treat relevant funds, other assets and economic resources as frozen, and report findings to the States of Guernsey Policy & Resources Committee in line with statutory reporting obligations under the Sanctions (Bailiwick of Guernsey) Law 2018. Firms must also refrain from making funds or economic resources available to designated persons or controlled entities unless covered by a permitted derogation or licence, and must provide the Commission with a Handbook Rule 12.37 report setting out specified minimum information on the sanctioned connection and related relationship or transaction, including values, after statutory reporting has been made.
Guernsey Financial Services Commission 2025-09-29
Guernsey Financial Services Commission issues Iran sanctions notice listing designated persons subject to asset freeze
The Guernsey Financial Services Commission issued an Iran sanctions notice designating various individuals and entities under the UK's Iran (Sanctions) (Nuclear) (EU Exit) Regulations 2019, effective in Guernsey. Designated banks, energy, and industrial companies, along with nine individuals, face an asset freeze and will appear on the consolidated list. Businesses must freeze relevant assets, report to the States of Guernsey Policy & Resources Committee, and submit a Handbook Rule 12.37 report to the Commission.