Guernsey Financial Services Commission reports amended Iran human rights designations and reiterates asset freeze checks and reporting

The Guernsey Financial Services Commission issued an Iran (Human Rights) sanctions notice advising that the consolidated list entries for Mohammad Ali JAFARI and Hossein TAEB have been amended. Both individuals remain designated under the United Kingdom’s Iran (Sanctions) Regulations 2023 and continue to be subject to an asset freeze in the Bailiwick of Guernsey. The UK regime is implemented locally through the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations 2020 made under the Sanctions (Bailiwick of Guernsey) Law 2018. Businesses must check for accounts or other relationships with the designated individuals (and any other designated persons), freeze any relevant funds or economic resources owned or controlled directly or indirectly by them or by persons acting on their behalf, and refrain from making funds or economic resources available to them or to entities they own or control except where a permitted derogation applies or a licence has been issued by the States of Guernsey Policy & Resources Committee. Any matches must be reported immediately to the Policy & Resources Committee and firms must also report to the Commission under Handbook Rule 12.37, providing at least the name of the customer or asset linked to a sanctioned person and the nature of the relationship or occasional transaction, including the value, as soon as reasonably practicable after statutory reporting has been completed.