Guernsey Financial Services Commission alerts firms to seven new Global Human Rights sanctions designations subject to asset freezes

The Guernsey Financial Services Commission issued a sanctions notice advising that seven persons and entities have been added to the list of those designated under the UK Global Human Rights Sanctions Regulations 2020 and are subject to an asset freeze in the Bailiwick of Guernsey under Guernsey’s implementation of UK sanctions regimes. The newly listed designations are Zohar Sabah (GHR0156), Harel David Libi (GHR0160), Daniella Weiss (GHR0161), Neria’s Farm Outpost (GHR0157), Nachala (GHR0158), Libi Construction and Infrastructure Ltd (GHR0159) and Koko’s Farm (GHR0162), all of which also appear on the UK consolidated list. Firms are required to check whether they have accounts or relationships with the designated persons or entities and to treat as frozen, with immediate effect, any funds, assets or economic resources belonging to or controlled by them (including derived property such as interest or dividends and assets held on their behalf or at their direction). Businesses must report any findings to the Policy & Resources Committee immediately and must not make funds or economic resources available to designated persons or entities (or those owned or controlled by them) other than under a permitted derogation or a licence. Where an affected relationship is identified, firms are also expected to inform the Commission and, under Handbook Rule 12.37, provide a report setting out at least the name of the relevant customer/beneficial owner/key principal or linked transaction/asset and the nature of the relationship or transaction, including the value. The report should be submitted to the Commission as soon as reasonably practicable after the firm has met its statutory reporting requirements to the Policy & Resources Committee.