The Guernsey Financial Services Commission (GFSC) has published a sanctions notice advising that the designation details for Mangue Teodoro Nguema Obiang (Unique ID: GAC0024), designated under the UK Global Anti-Corruption Sanctions Regulations 2021, have been amended. The individual remains subject to an asset freeze, trust services sanctions, a travel ban, and a prohibition on correspondent banking and clearing, as reflected on the UK consolidated list and implemented in the Bailiwick under Guernsey’s UK-regime implementation framework. The notice instructs businesses to check whether they maintain any accounts or other relationships with the individual (or any other designated person) and to treat as frozen, with immediate effect where not already done, any funds, assets or economic resources directly or indirectly owned, held or controlled by designated persons (including derived property such as interest and dividends and assets held via those acting on their behalf or at their direction). Any findings must be reported immediately to the States of Guernsey Policy & Resources Committee and firms must meet the reporting obligations in section 14 of the Sanctions (Bailiwick of Guernsey) Law, 2018. Businesses must also refrain from making funds or economic resources available, directly or indirectly, to designated persons or to entities owned or controlled by them, except where a permitted derogation applies or a licence has been issued by the Policy & Resources Committee; where an affected relationship is identified, firms must also notify the GFSC and provide a report in line with Handbook Rule 12.37, including relevant names and the nature and value of the relationship, transaction and/or linked assets.

Original source View in tracker