Guernsey businesses must immediately freeze assets and enforce strict director disqualifications following fresh UK designations under the Russia Sanctions Regulations, the Guernsey Financial Services Commission reported.
The regulatory update brings newly targeted individuals and entities under the full scope of local restrictive measures. These controls span asset freezes, travel bans, and trust services sanctions across the Bailiwick.
Firms Must Freeze Assets and Report Ties to Designated Parties
All local firms must check their books immediately for any ties to the designated parties. Any funds or economic resources must be treated as frozen right away if they are not already.
Businesses must report any discoveries straight to the Policy & Resources Committee. Firms must also fulfill the separate reporting duties set out under section 14 of the Sanctions Law.
Guernsey businesses are barred from making any funds or economic resources available, directly or indirectly, to any designated person or entity. This restriction extends to any body owned or controlled by them.
Transactions can only proceed if they fall under a permitted derogation determined by the Policy & Resources Committee. Alternatively, firms can operate under a licence issued directly by the committee.
Regulated Firms Must Inform the Guernsey Financial Services Commission
Firms that identify an affected relationship must also inform the Guernsey Financial Services Commission via email. Reports should go to [email protected] using the subject line “Russia Sanctions”.
Under Handbook Rule 12.37, regulated firms must provide a formal report to the commission. This document details the name of the customer, beneficial owner, key principal, or transaction linked to the designated person.
| Requirement | Action | Destination |
|---|---|---|
| Asset Freeze | Freeze all funds and economic resources immediately | Policy & Resources Committee |
| Statutory Report | Comply with section 14 reporting obligations | Policy & Resources Committee |
| Commission Notification | Submit short-form connection details | [email protected] |
| Formal Handbook Report | Provide transaction and asset value details | Guernsey Financial Services Commission |
Firms can consult the full UK sanctions list for the complete roster of designated names. Further guidance on licences and asset freezes remains available on the States of Guernsey website.
