Guernsey Financial Services Commission updates Syria sanctions entry for Houmam Jazai’iri and reiterates asset-freeze reporting duties

The Guernsey Financial Services Commission published a Syria sanctions notice confirming that the identifying details for Houmam JAZAI’IRI (Group ID: 13148), designated under the United Kingdom’s Syria (Sanctions) Regulations 2019 as applied in the Bailiwick, have been amended to align with the UK Sanctions List. The individual remains subject to an asset freeze. Businesses are expected to check for any accounts or other relationships with the individual or other designated persons and ensure any related funds, assets or economic resources are frozen with immediate effect where not already frozen. Any findings must be reported immediately to the States of Guernsey Policy & Resources Committee and firms must meet the reporting obligations under section 14 of the Sanctions (Bailiwick of Guernsey) Law, 2018, while also refraining from making funds or economic resources available to designated persons or controlled entities unless covered by a permitted derogation or licence. Where an affected relationship is identified, Handbook Rule 12.37 requires a report to the Commission, provided as soon as reasonably practicable after the statutory report to the Policy & Resources Committee, setting out at minimum the relevant customer or transaction/asset details and the nature and value of the relationship or occasional transaction.