The Guernsey Financial Services Commission has issued a notice to firms that the vessel AVAX, IMO 9058713, has been specified under the Libya sanctions regime applied in the Bailiwick through implementation of the UK regulations. Businesses must check whether they have any business relationships linked to the vessel, assess the applicable obligations and report any findings immediately to the Policy & Resources Committee. Firms must also take any other steps required to meet the reporting obligations under section 14 of the Sanctions Law. Where an affected relationship has been identified, firms must also inform the Commission and provide short-form information on the sanctions connection and the measures taken or intended. Under Handbook Rule 12.37, the report to the Commission must include at least the name of the customer, beneficial owner, key principal or the transaction or asset linked to a sanctioned or designated person, as well as the nature of the business relationship or occasional transaction, including the transaction or asset value. That report to the Commission should be submitted as soon as reasonably practicable after the firm has met its statutory reporting requirements to the States of Guernsey Policy and Resources Committee.
Guernsey Financial Services Commission2026-07-24
Guernsey Financial Services Commission alerts firms to Libya sanctions designation of vessel AVAX
The Guernsey Financial Services Commission has notified firms that the vessel AVAX, IMO 9058713, has been designated under the Libya sanctions regime in force in the Bailiwick. Businesses must identify any linked relationships, report findings immediately to the Policy & Resources Committee and notify the Commission where an affected relationship is found. Commission reporting must cover the relevant customer or asset link and the nature and value of the relationship or transaction.