The Guernsey Financial Services Commission published a Belarus sanctions notice advising that nine individuals and entities have been designated under the UK’s Republic of Belarus (Sanctions) (EU Exit) Regulations 2019 and are now subject to an asset freeze in the Bailiwick of Guernsey. The designations cover ALEVKURP OJSC, KB Unmanned Helicopters (UAVHeli), Legmash Plant JSC and six individuals (Unique IDs BEL0167 to BEL0175), and appear on the UK consolidated list. Businesses must check whether they hold accounts for, or otherwise have relationships with, the designated persons or entities and must immediately treat as frozen any funds, other assets or economic resources belonging to, owned, held or controlled by them directly or indirectly (including jointly held assets and related proceeds such as interest and dividends, and assets held for persons acting on their behalf or at their direction). Any findings must be reported immediately to the States of Guernsey Policy & Resources Committee and firms must not make funds or economic resources available to designated persons or entities they own or control, except where a permitted derogation applies or a licence has been issued; firms must also report affected relationships to the Commission in line with Handbook Rule 12.37, including at least the relevant party or asset/transaction and the nature and value of the relationship or transaction, after statutory reporting to the Policy & Resources Committee.
Guernsey Financial Services Commission 2025-01-27
Guernsey Financial Services Commission issues Belarus sanctions notice covering nine new UK designations subject to an asset freeze
The Guernsey Financial Services Commission has issued a Belarus sanctions notice designating nine individuals and entities under the UK's Republic of Belarus (Sanctions) (EU Exit) Regulations 2019, subjecting them to an asset freeze in Guernsey. Businesses must verify relationships, freeze related assets, and report findings to the States of Guernsey Policy & Resources Committee. Firms are prohibited from providing funds or resources to these entities unless permitted by derogation or licence, and must report affected relationships to the Commission per Handbook Rule 12.37.