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Sanctions Notice – Change to Sanctions Legislation — GFSC

Recent Regulations & NewsSanctions Notice - Change to Sanctions Legislation — GFSC

Please be advised that amendments have been made to the Terrorist Asset-Freezing (Bailiwick of Guernsey) Law 2011 (the Terrorist Asset Freezing Law) and the Sanctions (Bailiwick of Guernsey) Law, 2018 (the Sanctions Law).

The amendments are made by the following regulations–

The amendments to the Terrorist Asset Freezing Law concern the asset freeze etc. Measures applicable to persons designated under the Terrorist Asset Freezing Law. The purpose of the amendments is to bring the wording of these measures in line with corresponding wording in UK sanctions regimes that are applicable in the Bailiwick. To date no designations have been made under the Terrorist Asset Freezing Law, so the effect of the amendments is technical only.

The amendments to the Sanctions Law concern the asset freeze etc. measures that are applicable to persons designated under UK regimes. These measures are already directly effective by virtue of the implementation of these regimes in the Bailiwick. The purpose of the amendments is to make these measures explicit on the face of Bailiwick legislation. This has been done by specifying that where a person has been designated for the purposes of asset freeze etc. measures under a UK sanctions regime, the prohibitions that apply are the same as those under the Terrorist Asset Freezing Law. As indicated above, the wording of these prohibitions is consistent with the wording of UK asset freeze provisions that are already applicable in the Bailiwick, so here too the amendment is technical only and does not affect the obligations that are already applicable to businesses in respect of designated persons.

Story from www.gfsc.gg

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