Guernsey Financial Services Commission alerts firms to amended UK Global Human Rights sanctions entry for Wasantha Karannagoda that remains subject to an asset freeze

The Guernsey Financial Services Commission issued a sanctions notice advising that the UK Global Human Rights Sanctions Regulations 2020 entry for Wasantha Karannagoda (Unique ID: GHR0149) has been amended and remains subject to an asset freeze, and reminding businesses of the steps required to comply. Businesses must check whether they hold accounts for, or otherwise have relationships with, the designated person or any other designated person and ensure relevant funds, assets and economic resources are treated as frozen with immediate effect. Any findings must be reported immediately to the States of Guernsey Policy & Resources Committee, with firms also meeting reporting obligations under the Sanctions (Bailiwick of Guernsey) Law, 2018 as the UK regime is given effect locally through the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020. Firms must not make funds or economic resources available to designated persons (or entities they own or control) other than under a permitted derogation or a licence, and where an affected relationship is identified, Handbook Rule 12.37 requires a report to the Commission covering the relevant customer or transaction details and the nature and value of the relationship or transaction, submitted as soon as reasonably practicable after the statutory report to the Policy & Resources Committee.