Guernsey Financial Services Commission issues notice on new ISIL and Al Qaida designations requiring asset freezes and reporting

The Guernsey Financial Services Commission published a sanctions notice advising firms that two individuals, Sami Jasim Muhammad Jaata Al-Jaburi and Abd El Hamid Salim Ibrahim Brukan Al-Khatouni, have been designated under the UK ISIL (Da’esh) and Al-Qaida (United Nations Sanctions) (EU Exit) Regulations 2019, triggering an asset freeze, travel ban and arms embargo as applied in the Bailiwick under Guernsey’s implementing sanctions regulations. Businesses must check whether they hold accounts or otherwise have relationships with the designated individuals or any other designated person, entity or body under the relevant legislation, and must freeze with immediate effect any funds, other assets or economic resources directly or indirectly owned, held or controlled by them, including assets derived from such funds and assets held by persons acting on their behalf or at their direction. Any findings must be reported immediately to the States of Guernsey Policy & Resources Committee in line with section 14 of the Sanctions (Bailiwick of Guernsey) Law, 2018, and firms must not make funds or economic resources available to designated persons or to entities they own or control except where a permitted derogation applies or a licence is issued by the Committee. Where an affected relationship is identified, firms must also inform the Commission and submit a report under Handbook Rule 12.37 setting out, at a minimum, the relevant customer or transaction details and the nature of the relationship or occasional transaction, including the transaction or asset value, after completing the statutory reporting to the Policy & Resources Committee.