Guernsey Financial Services Commission flags 11 Sudan sanctions designations, requiring immediate asset freezes and reporting

The Guernsey Financial Services Commission has issued a sanctions notice covering four individuals and seven entities newly designated under The Sudan (Sanctions) (EU Exit) Regulations 2020. In Guernsey, those designations take effect through the Bailiwick’s sanctions framework, meaning businesses must check for any relevant accounts or relationships and freeze affected funds, assets and economic resources immediately. The four individuals are subject to an asset freeze, travel ban and director disqualification sanction, while the seven entities are subject to an asset freeze and director disqualification sanction. Businesses must treat as frozen any funds or economic resources directly or indirectly owned, held or controlled by the designated persons or entities, including assets held jointly, derived property and assets linked to persons acting on their behalf or at their direction. They must also avoid making funds or economic resources available to designated persons, entities they own or control, or persons acting for them, unless a permitted derogation or licence applies. Any findings must be reported immediately to the Policy & Resources Committee, and firms that identify an affected relationship must also notify the Commission and provide, at a minimum, the customer or asset linked to the sanctioned person and the nature and value of the relationship or transaction as soon as reasonably practicable after meeting the statutory reporting requirement.