Guernsey Financial Services Commission corrects Myanmar sanctions entry for Sky One Construction Company Ltd and reiterates asset-freeze reporting obligations

The Guernsey Financial Services Commission published a Myanmar sanctions notice confirming that the UK sanctions list entry for Sky One Construction Company Ltd (Unique ID: MYA0052) has been corrected, while stressing that the entity remains subject to an asset freeze and a Director Disqualification Sanction. The notice reminds businesses to check for any relationships with the designated entity or other designated persons and, where relevant, to freeze assets and make the required reports to the States of Guernsey Policy & Resources Committee and to the Commission. The requirements apply in the Bailiwick through the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 made under the Sanctions (Bailiwick of Guernsey) Law, 2018, giving effect to the Myanmar (Sanctions) Regulations 2021. Firms are expected to treat as frozen, with immediate effect, any funds, other assets or economic resources directly or indirectly belonging to, owned, held or controlled by designated persons (including jointly held assets and derived property such as interest or dividends), including where held by individuals or entities acting on their behalf or at their direction, and to refrain from making funds or economic resources available to designated persons or their owned or controlled entities except under a permitted derogation or a licence determined or issued by the Policy & Resources Committee. Handbook Rule 12.37 is highlighted as requiring a report to the Commission, after statutory reporting to the Policy & Resources Committee, setting out at minimum the relevant customer or linked transaction or asset and the nature of the relationship, including transaction or asset value.