The Guernsey Financial Services Commission has notified businesses that the Bailiwick has implemented the UK’s replacement sanctions regime for global human rights and international humanitarian law. The expanded regime covers serious violations of international humanitarian law, while designations and licenses issued under the previous Global Human Rights Sanctions Regulations 2020 remain in effect. Businesses must identify relationships with designated persons and immediately freeze funds, assets and economic resources owned or controlled by them, including derived property and assets held by persons acting on their behalf or at their direction. They must not make funds or economic resources available to designated persons, entities they own or control, or persons acting for them, except under an applicable derogation or license. Findings must be reported immediately to the Policy & Resources Committee. Regulated firms must then report affected relationships to the Commission as soon as reasonably practicable, identifying the relevant customer, beneficial owner, key principal, transaction or asset, and the nature and value of the relationship or transaction.
Guernsey Financial Services Commission sets out immediate compliance duties under expanded human rights and humanitarian law sanctions regime
The Guernsey Financial Services Commission has set out firms’ obligations under the Bailiwick’s expanded human rights and international humanitarian law sanctions regime. Businesses must screen relationships, immediately freeze relevant assets, restrict access to funds and report matches to the Policy & Resources Committee, with regulated firms also reporting prescribed details to the Commission.