Guernsey Financial Services Commission issues domestic counter-terrorism sanctions notice designating Rampage Productions and Embers of an Empire

The Guernsey Financial Services Commission published a domestic counter-terrorism sanctions notice advising that Rampage Productions (Unique ID: CTD0007) and Embers of an Empire (Unique ID: CTD0008) have been designated under the United Kingdom’s Counter-Terrorism (Sanctions) (EU Exit) Regulations 2019, as implemented in the Bailiwick of Guernsey under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020. The designations impose a full asset freeze and the entities will appear on the consolidated list. All businesses must check whether they have any accounts or relationships with the designated entities (and other designated persons) and immediately treat as frozen any funds, other assets or economic resources belonging to, owned, held or controlled by them (including indirectly or jointly), including interest, dividends or other property derived from such funds, and assets belonging to individuals or entities acting on their behalf or at their direction. Firms must report any findings to the States of Guernsey Policy & Resources Committee and meet reporting obligations under section 14 of the Sanctions (Bailiwick of Guernsey) Law, 2018, and must not make funds or economic resources available to designated persons or entities they own or control unless a permitted derogation applies or a licence is issued by the Policy & Resources Committee. Where an affected relationship is identified, firms should also notify the Commission and provide the report required by Handbook Rule 12.37, including the relevant customer or linked transaction or asset, the nature of the relationship or occasional transaction, and the transaction or asset value, as soon as reasonably practicable after statutory reporting to the Policy & Resources Committee.