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Terrorism and Terrorist Financing Renewal Notice February 2016

HM Treasury has renewed the final designation in respect of one entity under the Terrorist Asset-Freezing etc. Act 2010.

The entity concerned is therefore a Designated Person for the purposes of the Act.  Further details are available here:

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/500162/TAFA_renewal_Notice_ETA.pdf

Persons who are the subject of a designation under and within the meaning of the Act are also automatically Designated Persons for the purposes of the Terrorist Asset-Freezing (Bailiwick of Guernsey) Law, 2011 with immediate effect, and are subject to the asset freeze and other prohibitions in relation to Designated Persons in the Guernsey Law.

MEASURES WHICH SHOULD BE TAKEN

All businesses must check whether they maintain any accounts or otherwise have any kind of relationship with any 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 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 other than in respect of transactions that 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 section 18 of the Terrorist Asset Freezing Law.

Any information or queries should be sent to sanctions@gov.gg with the subject line "Terrorist Financing".

Further information on the effect of asset freezes and related issues including licences is available on the States of Guernsey website at https://gov.gg/sanctions.