GUERNSEY Sanctions Notice - Change to Sanctions Legislation
11/03/2024
We want to bring to your attention that significant amendments have been made to the Terrorist Asset-Freezing (Bailiwick of Guernsey) Law 2011 (the Terrorist Asset Freezing Law) and the Sanctions (Bailiwick of Guernsey) Law, 2018 (the Sanctions Law). These changes are crucial and would need your attention.
The following regulations make the amendments–
- The Terrorist Asset-Freezing (Bailiwick of Guernsey) Law 2011 (Amendment) Regulations 2024
- The Sanctions (Bailiwick of Guernsey) Law 2018 (Amendment) Regulations 2024
The amendments to the Terrorist Asset Freezing Law concern the asset freeze. Measures applicable to persons designated under the Terrorist Asset Freezing Law.
The amendments aim to align these measures' wording with corresponding wording in UK sanctions regimes that are applicable in the Bailiwick. It's important to note that to date, no designations have been made under the Terrorist Asset Freezing Law, so the effect of the amendments is purely technical and does not alter your existing obligations.
The amendments to the Sanctions Law concern the asset freeze, etc., measures that apply to persons designated under UK regimes. These measures are already directly effective in implementing these regimes in the Bailiwick.
The purpose of the amendments is to make these measures explicit in the face of Bailiwick legislation. This has been done by specifying that where a person has been designated for asset freeze, etc., measures under a UK sanctions regime, the prohibitions that apply are the same as those under the Terrorist Asset Freezing Law.
As mentioned above, the wording of these prohibitions is consistent with the wording of UK asset freeze provisions already applicable in the Bailiwick, so here, too, the amendment is technical only. It does not affect the obligations that are already applicable to businesses in respect of designated persons.
SOURCE
- https://www.gfsc.gg/news/sanctions-notice-change-sanctions-legislation
- The specific changes to the Sanctions Law can be found at https://www.guernseylegalresources.gg/CHttpHandler.ashx?documentid=85334.
- The Terrorist Law change can be found - https://www.guernseylegalresources.gg/CHttpHandler.ashx?documentid=85332
The Team
Meet the team of industry experts behind Comsure
Find out moreLatest News
Keep up to date with the very latest news from Comsure
Find out moreGallery
View our latest imagery from our news and work
Find out moreContact
Think we can help you and your business? Chat to us today
Get In TouchNews Disclaimer
As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.
As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.