Council Regulation (EC) No 270/2011, as implemented by the Egypt (Freezing of Funds) (Guernsey) Ordinance, 2011, the Egypt (Freezing of Funds) (Alderney) Ordinance, 2011 and the Egypt (Freezing of Funds) (Sark) Ordinance, 2011, has been amended by Council Implementing Regulation (EU) No 2017/490 and Council Implementing Regulation (EU) No 2017/491 .
The Implementing Regulations are available here:
The effect of the amendments, which are automatically effective in the Bailiwick, is to amend the details in respect of seven individuals on the list of persons subject to an asset freeze and related financial prohibitions (“the listed persons”), and to remove four other individuals from the list.
MEASURES WHICH SHOULD BE TAKEN
All businesses must check whether they maintain any accounts or otherwise have any kind of relationship with the listed persons or with any other natural or legal persons, entities or bodies designated under the legislation, and must treat any funds or economic resources belonging to, owned, held or controlled by them as frozen with immediate effect if this is not already the case. They must report any findings to the Policy and Resources Committee 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 unless authorised by the Policy and Resources Committee.
The information referred to above is required by the Policy and Resources Committee 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 “Egypt”.
Further information on asset freezes is available on the States of Guernsey website at http://www.gov.gg/sanctions