The Guernsey Financial Services Commission published a Russia sanctions notice advising that a large number of named individuals and entities have been designated under the United Kingdom’s Russia (Sanctions) (EU Exit) Regulations 2019 and appear on the UK sanctions list, with those measures given effect in the Bailiwick under Guernsey’s UK-regime implementation framework. The notice directs all businesses to check for any accounts or other relationships with the listed designated persons and to ensure any relevant funds, assets and economic resources are treated as frozen with immediate effect. Firms must treat as frozen any funds or economic resources directly or indirectly belonging to, owned, held or controlled by a designated person, including related interest, dividends or derived property, and assets of persons acting on their behalf or at their direction. Businesses must report findings to the States of Guernsey Policy & Resources Committee immediately and comply with the reporting obligations in section 14 of the Sanctions (Bailiwick of Guernsey) Law, 2018, and must not make funds or economic resources available (directly or indirectly) to designated persons or entities they own or control except under a permitted derogation or a licence issued by the Policy & Resources Committee. Where an affected relationship is identified, firms are also asked to notify the Commission and submit a report under Handbook Rule 12.37, including at minimum the relevant customer/beneficial owner/key principal or linked transaction or asset, and the nature and value of the relationship or transaction, as soon as reasonably practicable after meeting the statutory reporting requirements to the Policy & Resources Committee.

Original source View in tracker