The Guernsey Financial Services Commission (GFSC) issued a sanctions notice following an amendment by the United Nations Security Council Committee concerning ISIL (Da'esh) and Al‑Qaida to its sanctions list in relation to Abd El Kader Mahmoud Mohamed EL SAYED (QDi.065). The notice highlights that the updated United Nations Security Council Consolidated List is automatically effective in the UK and is given effect in the Bailiwick of Guernsey through Guernsey’s implementation of UK sanctions regimes. All businesses are required to check whether they maintain any accounts or have any relationship with the named individual or any other designated person, entity or body under the relevant legislation, and to treat as frozen (with immediate effect if not already frozen) any funds, other assets or economic resources directly or indirectly belonging to, owned, held or controlled by designated persons, including assets derived from them or held on their behalf. Any findings must be reported immediately to the States of Guernsey Policy & Resources Committee, and firms must take any other steps needed to meet reporting obligations under section 14 of the Sanctions (Bailiwick of Guernsey) Law, 2018. Firms must also refrain from making funds or economic resources available (directly or indirectly) to designated persons or connected persons and entities, except where a permitted derogation applies or a licence is issued by the Policy & Resources Committee. Where an affected relationship is identified, firms should also inform the GFSC and submit a report under Handbook Rule 12.37 setting out (at a minimum) the relevant customer or transaction/asset linked to a sanctioned or designated person and the nature of the relationship or occasional transaction, including transaction and/or asset value. The report should be provided to the GFSC as soon as reasonably practicable after the firm has met its statutory reporting requirements to the Policy & Resources Committee.

Original source View in tracker