The Guernsey Financial Services Commission published a Venezuela sanctions notice advising that 16 named individuals have been designated under the Venezuela (Sanctions) (EU Exit) Regulations 2019 and are now subject to an asset freeze, as given effect in the Bailiwick of Guernsey under the local implementing framework. All businesses are required to check whether they hold accounts for, or have any relationship with, the designated persons (or any other designated person under the relevant legislation), and to treat as frozen with immediate effect any funds, assets or economic resources directly or indirectly owned, held or controlled by them, including assets held jointly or through persons acting on their behalf. Any findings must be reported immediately to the States of Guernsey Policy & Resources Committee in line with section 14 of the Sanctions (Bailiwick of Guernsey) Law, 2018, and firms must not make funds or economic resources available to designated persons or related owned or controlled entities unless a permitted derogation applies or a licence has been issued by the Policy & Resources Committee. Where an affected relationship is identified, firms must also inform the Commission and provide a report under Handbook Rule 12.37, including the relevant customer or transaction and the nature and value of the relationship, as soon as reasonably practicable after completing statutory reporting to the Policy & Resources Committee.

Original source View in tracker