Guernsey Financial Services Commission issues Iran sanctions notice on new UK designations and immediate asset-freeze and reporting duties

The Guernsey Financial Services Commission published an Iran sanctions notice alerting businesses that one entity and 10 individuals have been designated under the United Kingdom Iran (Sanctions) Regulations 2023, which are implemented in the Bailiwick of Guernsey under its UK-regime sanctions framework, making the designated parties subject to an immediate asset freeze. The designations cover the Law Enforcement Forces of the Islamic Republic of Iran and Eskandar Momeni, Mohammad Reza Hashemifar, Ahmed Amini, Mohammad Ghanbari, Ahmad Darvish Goftar, Mehdi Rasakhi, Mohammad Zamani, Seyed Majid Feiz Jafari, Yadollah Bouali and Babak Zanjani. Businesses must check for any accounts or relationships with the designated parties or others designated under the same legislation, treat as frozen any funds, other assets or economic resources owned, held or controlled directly or indirectly (including jointly), and refrain from making funds or economic resources available to designated persons or to entities they own or control, or to those acting on their behalf, unless covered by a permitted derogation or a licence determined by the States of Guernsey Policy and Resources Committee. Any findings must be reported immediately to the Policy and Resources Committee and firms must comply with the reporting obligations in section 14 of the Sanctions (Bailiwick of Guernsey) Law 2018. Where an affected relationship is identified, Handbook Rule 12.37 requires a report to the Commission as soon as reasonably practicable after the statutory report to the Policy and Resources Committee, including at least the name of the relevant customer, beneficial owner, key principal or linked transaction or asset, and the nature and value of the relationship or occasional transaction.