Guernsey Financial Services Commission issues Syria sanctions notice requiring immediate asset freezes for nine newly designated persons and entities

The Guernsey Financial Services Commission published a Syria sanctions notice alerting firms that nine individuals and entities have been designated under the United Kingdom’s Syria (Sanctions) Regulations 2019 and are now subject to an asset freeze as implemented in the Bailiwick of Guernsey. The designations cover Mohammed Hussein Al-JASIM, Sayf Al-Din BOULAD, Ghaith Suleiman DALLA, Miqdad Loay FATIHA, Mudallal KHOURY, Imad Mtanyus KHOURY, and the HAMZA DIVISION, SULTAN MURAD DIVISION and SULTAN SULEIMAN SHAH DIVISION. Businesses are required to check for any accounts or relationships with the designated parties (and other persons designated under the relevant legislation), freeze relevant funds and economic resources with immediate effect, report findings to the States of Guernsey Policy & Resources Committee, and comply with reporting obligations under section 14 of the Sanctions (Bailiwick of Guernsey) Law 2018. The notice also reiterates the prohibition on making funds or economic resources available, directly or indirectly, to or for the benefit of designated persons and connected parties, except where a permitted derogation applies or a licence has been issued by the Policy & Resources Committee. Where an affected relationship is identified, firms are also asked to inform the Commission and submit a report under Handbook Rule 12.37, as soon as reasonably practicable after making the statutory report to the Policy & Resources Committee.