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Belarus March 2016

Council Regulation (EC) No 765/2006, as implemented in the Bailiwick by the Belarus (Freezing of Funds)(Guernsey) Ordinance 2012, the Belarus (Freezing of Funds) (Alderney), 2012 and the Belarus (Freezing of Funds)(Sark) Ordinance, 2012, has been amended by Council Regulation (EU) No 2016/277 and Council Implementing Regulation (EU) No 2016/276.

The Regulation and Implementing Regulation are available here:

Council Regulation (EU) 2016/277   

Council Implementing Regulation (EU) 2016/276  

The effect of the amendments, which are automatically effective in the Bailiwick, is to remove most names from the list of persons subject to an asset freeze and related financial restrictions. There are now only four individuals on the list.

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, 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 in respect of 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 sanctions@gov.gg 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 https://gov.gg/sanctions.