Guernsey Financial Services Commission issues Iran sanctions notice designating Foxtrot Network and Rawa Majid for asset freeze

The Guernsey Financial Services Commission published an Iran sanctions notice advising that Foxtrot Network (Unique ID 16856) and Rawa Majid (Unique ID 16857) have been designated under the UK Iran (Sanctions) Regulations 2023, as implemented in the Bailiwick of Guernsey, and are therefore subject to an asset freeze and inclusion on the consolidated list. All businesses must check whether they have accounts or other relationships with the designated persons (or any other designated person under the relevant legislation), immediately freeze any funds, assets or economic resources owned, held or controlled directly or indirectly by them (including via persons acting on their behalf or at their direction), and report any findings to the States of Guernsey Policy and Resources Committee in line with section 14 reporting obligations under the Sanctions (Bailiwick of Guernsey) Law, 2018. Firms must also refrain from making funds or economic resources available to designated persons, entities they own or control, or persons acting at their direction, except where a permitted derogation applies or a licence has been issued by the Policy and Resources Committee. Where an affected relationship is identified, Handbook Rule 12.37 requires a report to the Commission, including at least the relevant customer or transaction details and the nature and value of the relationship or transaction, submitted as soon as reasonably practicable after statutory reporting to the Policy and Resources Committee.