The Guernsey Financial Services Commission published an International Counter-Terrorism sanctions notice highlighting an amendment to the UK designations of Rampage Productions (CTD0007) and Embers of an Empire (CTD0008) under the Counter-Terrorism (International Sanctions) (EU Exit) Regulations 2019. Both entities remain on the UK consolidated list and continue to be subject to an asset freeze as the UK regime is given effect in the Bailiwick through the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations 2020 made under the Sanctions (Bailiwick of Guernsey) Law 2018. Businesses must check whether they maintain any accounts or other relationships with the designated entities or any other designated person and treat as frozen, with immediate effect, any funds, other assets or economic resources directly or indirectly owned, held or controlled by them, including derived property such as interest or dividends and assets held by 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 to entities they own or control except under a permitted derogation or licence. Where an affected relationship is identified, Handbook Rule 12.37 requires a report to the Commission, provided as soon as reasonably practicable after statutory reporting to the Policy & Resources Committee, covering at minimum the relevant customer, beneficial owner, key principal or linked transaction/asset and the nature of the relationship or transaction including the value.

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