The Guernsey Financial Services Commission published a Syria sanctions notice confirming that the identifying details for a large number of individuals and entities designated under the UK Syria (Sanctions) (EU Exit) Regulations 2019 have been amended, but that they remain subject to an asset freeze. It also highlighted additional administrative amendments to the entries for Mohammed al-Shaar (SYR0381) and Sanad Protection and Security Services (SYR0394). The notice reminds businesses to check whether they hold accounts for, or otherwise have relationships with, the referenced designated persons or any other person designated under the relevant legislation, and to treat related funds, other assets and economic resources as frozen with immediate effect where not already frozen. Any findings must be reported immediately to the States of Guernsey Policy and Resources Committee, and firms must not make funds or economic resources available to designated persons or entities they own or control except under a permitted derogation or a licence from the Policy and Resources Committee; the UK regime is given effect in Guernsey through the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations 2020 made under the Sanctions (Bailiwick of Guernsey) Law 2018. Where an affected relationship is identified, firms are also expected to notify the Commission and provide a report under Handbook Rule 12.37, as soon as reasonably practicable after meeting statutory reporting requirements to the Policy and Resources Committee.

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