Guernsey Financial Services Commission amends Iran nuclear sanctions designation details for Europaisch-Iranische Handelsbank AG

The Guernsey Financial Services Commission issued a sanctions notice confirming that the designation details for Europaisch-Iranische Handelsbank AG (Group ID: 11512), listed under the Iran (Sanctions) (Nuclear) (EU Exit) Regulations 2019, have been amended and that the entity remains subject to an asset freeze in the Bailiwick of Guernsey. The UK regime is given effect locally through the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations 2020 made under the Sanctions (Bailiwick of Guernsey) Law 2018. Businesses are required to check for accounts or other relationships with the designated entity (and others designated under the same legislation), freeze relevant funds and economic resources with immediate effect where not already frozen, and report findings to the States of Guernsey Policy & Resources Committee in line with the reporting obligations in section 14 of the Sanctions Law. Firms must also refrain from making funds or economic resources available to designated persons or entities (including those owned or controlled by them, or acting on their behalf), except where a permitted derogation applies or a licence has been issued, and provide the Commission with a report under Handbook Rule 12.37 once statutory reporting to the Policy & Resources Committee has been completed.