Guernsey Financial Services Commission flags asset freeze for Itamar Ben-Gvir and Bezalel Yoel Smotrich under UK Global Human Rights sanctions

The Guernsey Financial Services Commission issued a sanctions notice confirming that Itamar Ben-Gvir and Bezalel Yoel Smotrich have been added to the UK Global Human Rights Sanctions Regulations 2020 consolidated list and are subject to an asset freeze in the Bailiwick of Guernsey under the local framework giving effect to UK sanctions regimes. Businesses must check whether they hold accounts for, or otherwise have relationships with, the designated individuals (and any other designated persons) and must immediately freeze any funds or economic resources they own, hold or control directly or indirectly, including derived property and assets held on their behalf. Any findings must be reported to the States of Guernsey Policy & Resources Committee in line with section 14 reporting obligations under 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 persons acting on their behalf unless covered by a permitted derogation or a licence from the Committee. Where an affected relationship is identified, firms must also inform the Commission and submit a Handbook Rule 12.37 report setting out, at a minimum, the relevant customer or beneficial owner or linked transaction or asset, the nature of the relationship or transaction, and the transaction or asset value, as soon as reasonably practicable after completing the statutory report to the Committee.