The Guernsey Financial Services Commission (GFSC) published a domestic counter-terrorism sanctions notice advising that Gurpreet Singh Rehal and Babbar Akali Lehar have been designated under the UK Counter-Terrorism (Sanctions) (EU Exit) Regulations 2019, as applied in the Bailiwick of Guernsey through the local framework made under the Sanctions (Bailiwick of Guernsey) Law, 2018. Firms are required to check whether they hold accounts for, or otherwise have any relationship with, the designated individuals (or any other person or entity designated under the relevant legislation) and must ensure any funds, assets or economic resources directly or indirectly owned, held or controlled by them, including derived property such as interest or dividends and assets held via persons acting on their behalf or at their direction, are treated as frozen with immediate effect if not already frozen. Any findings must be reported immediately to the States of Guernsey Policy & Resources Committee, alongside compliance with reporting obligations under section 14 of the Sanctions Law, and businesses must not make funds or economic resources available to designated persons or connected owned/controlled entities except where a permitted derogation applies or a licence has been issued. Where an affected relationship is identified, firms should also inform the GFSC and provide a report under Handbook Rule 12.37 setting out, at a minimum, the name of the relevant customer/beneficial owner/key principal or the linked transaction or asset, and the nature of the business relationship or occasional transaction including the transaction and/or asset value. This report is to be submitted to the Commission as soon as reasonably practicable after the statutory report has been made to the Policy & Resources Committee.

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