Nicaragua (Restrictive Measures) (Bailiwick of Guernsey) Regulations, 2019
On 14 October 2019, in response to concern about the situation in Nicaragua, the EU published Council Regulation (EU) 2019/1716. This sets out restrictive measures comprising an asset freeze and other financial restrictions on listed persons that are responsible for serious human rights violations or abuses or for the repression of civil society and democratic opposition in Nicaragua, those undermining democracy and the rule of law in Nicaragua, and persons associated with them.
In order to reflect the changes at EU level, the Nicaragua (Restrictive Measures) (Bailiwick of Guernsey) Regulations, 2019 have been enacted to give effect to the EU Regulation.
The EU regulation is available here: Council Regulation (EU) 2019/1716
MEASURES WHICH SHOULD BE TAKEN
All businesses must check whether they maintain any accounts or otherwise have any kind of relationship with the persons referred to above or to any other natural or legal person, entity or body designated under the legislation referred to above and must treat any funds, other assets or economic resources
- directly or indirectly belonging to, owned, held or controlled by them, whether wholly or jointly, or
- derived from any funds or economic resources directly or indirectly belonging to, owned, held or controlled by them, whether wholly or jointly, or
- belonging to individuals or entities acting on their behalf or at their direction, whether wholly or jointly
as frozen with immediate effect if this is not already the case. Businesses must report any findings to the Policy & Resources Committee immediately. They must also ensure that they have taken all other steps that may be required in order to comply with the reporting obligations at section 14 of the Sanctions Law.
Businesses must also refrain from making any funds or economic resources available directly or indirectly, wholly or jointly, to or for the benefit of
- any designated person, entity or body
- any entity directly or indirectly owned or controlled by a designated person, entity or body, whether wholly or jointly
- any individuals or entities acting on behalf or at the direction of a designated person, entity or body, whether wholly or jointly
other than in respect of transactions that come within a permitted derogation as determined by the Policy & Resources Committee, or in accordance with a licence issued by the Policy & Resources Committee, as the case may be.
The information referred to above is required by the Policy & Resources Committee in the exercise of its powers under section 15 of the Sanctions Law.
Any information or queries should be sent to [email protected] with the subject line “Nicaragua Sanctions”.
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