The Guernsey Financial Services Commission published an Iran sanctions notice alerting firms that five individuals and entities have been designated under the United Kingdom’s Iran (Sanctions) Regulations 2023, as implemented in the Bailiwick of Guernsey, and are therefore subject to an asset freeze. The designations cover Hossein Shamkhani and four companies: Petrochemical Commercial Company, Ocean Leonid Investments, Milavous Group and Admiral Group Shipping, with associated Office of Financial Sanctions Implementation group and unique identifiers. Businesses must check for any accounts or other relationships with the designated persons and treat any funds, other assets or economic resources they own, hold or control directly or indirectly, including derived interests and resources held by persons acting on their behalf or at their direction, as frozen with immediate effect. Any findings must be reported immediately to the States of Guernsey Policy & Resources Committee in line with reporting obligations in the Sanctions (Bailiwick of Guernsey) Law, 2018, and firms must not make funds or economic resources available to designated persons, entities they own or control, or those acting on their behalf, unless covered by a permitted derogation or an applicable licence. Where an affected relationship is identified, the Commission also expects notification and a report under Handbook Rule 12.37 setting out, at a minimum, the relevant customer or beneficial owner or linked transaction or asset and the nature and value of the relationship or occasional transaction, submitted as soon as reasonably practicable after the statutory report to the Policy & Resources Committee.

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