Guernsey Financial Services Commission issues sanctions notice on UK designation of Abubakar Swalleh under the ISIL Da’esh and Al-Qaida regime

The Guernsey Financial Services Commission published a sanctions notice advising that Abubakar SWALLEH (Group ID: 16974) has been designated under the UK’s ISIL Da’esh and Al-Qaida sanctions regime and is now subject to an asset freeze in the Bailiwick of Guernsey. The notice points to the UK consolidated list and notes that the UK regime is implemented locally through Guernsey’s Brexit regulations made under the Sanctions (Bailiwick of Guernsey) Law, 2018. All businesses must check whether they hold accounts for, or otherwise have a relationship with, the designated person or any other designated party and must freeze immediately any funds, assets or economic resources they own, hold or control, including indirectly, jointly, or through derived property such as interest or dividends. Any findings must be reported immediately to the States of Guernsey Policy & Resources Committee in line with the reporting obligations in section 14 of the Sanctions Law, and firms must not make funds or economic resources available to designated persons, entities they own or control, or persons acting on their behalf, except under a permitted derogation or a licence issued by the Policy & Resources Committee. Where an affected relationship is identified, Handbook Rule 12.37 also requires a report to the Commission covering the linked customer or transaction and the nature and value of the relationship, submitted as soon as reasonably practicable after the statutory report to the Policy & Resources Committee.