Council Regulation (EC) No 765/2006 of 18 May 2006, as implemented in the Bailiwick by the Belarus (Freezing of Funds) (Guernsey) Ordinance, 2006, the Belarus (Freezing of Funds) (Alderney) Ordinance, 2006 and the Belarus (Freezing of Funds) (Sark) Ordinance, 2006, has been amended by Council Implementing Regulation (EU) No 2015/1133.
The Implementing Regulation is available here: Council Implementing Regulation (EU) 2015/1133
The effect of the Implementing Regulation, which is automatically effective in the Bailiwick, is to remove two individuals and four entities from the list of designated persons subject to an asset freeze and related financial prohibitions, and to update the information relating to four designated individuals and three designated entities.
MEASURES WHICH SHOULD BE TAKEN
All businesses must check whether they maintain any accounts or otherwise have any kind of relationship with the designated individuals and entities referred to above or with any other natural or legal person, entity or body designated under the legislation and treat any accounts, funds or economic resources belonging to, owned, held or controlled by a designated person, entity or body as frozen with immediate effect if this is not already the case. Businesses must report any findings to the Policy Council immediately. Businesses must also refrain from making any funds or economic resources available directly or indirectly to or for the benefit of any designated person, entity or body other than transactions that come within a permitted derogation and have been authorised by the Policy Council.
The information referred to above is required by the Policy Council in the exercise of its powers under the Schedule to each of the Ordinances listed above.
Any information or queries should be sent to [email protected] with the subject line “Belarus”.
Further information on the effect of asset freezes and related issues including licences is available on the States of Guernsey website at http://www.gov.gg/sanctions