The Guernsey Financial Services Commission issued a Russia sanctions notice advising that the listed individuals and entities have been designated under the United Kingdom’s Russia (Sanctions) (EU Exit) Regulations 2019, which are given effect in the Bailiwick of Guernsey under local implementing regulations made under the Sanctions (Bailiwick of Guernsey) Law 2018. Businesses are required to check for accounts or any other relationships with designated parties and to treat as frozen, with immediate effect, any funds, assets or economic resources directly or indirectly owned, held or controlled by them, including related interest, dividends and other property derived from such resources. Any findings must be reported immediately to the States of Guernsey Policy & Resources Committee, and firms must refrain from making funds or economic resources available to designated persons (or entities they own or control, or persons acting on their behalf) other than where a permitted derogation applies or a licence has been issued. Where an affected relationship is identified, firms must also submit a report to the Commission under Handbook Rule 12.37, covering at least the relevant party name and the nature of the business relationship or transaction, including the value, as soon as reasonably practicable after meeting statutory reporting requirements.
Guernsey Financial Services Commission 2025-02-24
Guernsey Financial Services Commission publishes Russia sanctions notice listing new UK designations and requiring immediate asset freezes and reporting
The Guernsey Financial Services Commission issued a Russia sanctions notice under the United Kingdom’s Russia (Sanctions) (EU Exit) Regulations 2019, effective in Guernsey. Businesses must freeze assets of designated parties and report findings to the States of Guernsey Policy & Resources Committee. Firms must also submit reports to the Commission under Handbook Rule 12.37 when affected relationships are identified.