Guernsey Financial Services Commission alerts firms to seven new UK Global Human Rights sanctions designations

The Guernsey Financial Services Commission has notified firms that seven individuals and entities have been added to the list of persons designated under the United Kingdom's Global Human Rights Sanctions Regulations 2020, which are given effect in the Bailiwick of Guernsey through local sanctions implementation rules. Businesses must check whether they hold accounts or have any other relationship with those newly designated parties or any other designated person, and must freeze any relevant funds, assets or economic resources immediately if that has not already been done. The additions are Itamar Yehuda Levy, Eyal Hari Yehuda Company Ltd, Ahavat Gilad, Ari Yshag, Artzenu, Shivat Zion Lerigvey Admata and The Farms Association. Firms must report any findings immediately to the Policy & Resources Committee and meet the reporting obligations under section 14 of the Sanctions Law. They must also refrain from making funds or economic resources available, directly or indirectly, to designated persons, to entities they own or control, or to persons acting on their behalf or at their direction, unless a permitted derogation applies or a licence has been issued. Where an affected relationship is identified, Handbook Rule 12.37 requires firms to provide the Commission with a report, as soon as reasonably practicable after the statutory report to the Policy & Resources Committee, setting out at least the relevant customer, beneficial owner, key principal or linked transaction or asset, and the nature and value of the relationship, transaction or asset.