The Guernsey Financial Services Commission has issued a sanctions notice advising that two entities and six individuals have been designated under the Democratic Republic of the Congo (Sanctions) (EU Exit) Regulations 2019, which are implemented in the Bailiwick through Guernsey’s sanctions regime. Alliance Fleuve Congo and Twirwaneho are now subject to an asset freeze. The six individuals are subject to both an asset freeze and a travel ban. Businesses must check whether they hold accounts for, or otherwise have relationships with, the designated persons or any other person or entity designated under the legislation, and must freeze with immediate effect any funds, assets or economic resources that are owned, held or controlled by them, including indirectly or through persons acting on their behalf. Firms must also refrain from making funds or economic resources available to designated persons or entities, or to entities they own or control, unless a permitted derogation applies or a licence has been issued by the Policy & Resources Committee. Any findings must be reported immediately to the Policy & Resources Committee and, where an affected relationship is identified, firms must also notify the Commission and provide the Rule 12.37 report required under the Handbook, including the sanctioned link and the nature and value of the relevant relationship, transaction or asset.

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