Sanctions Notice - Terrorism and Terrorist Financing

HM Treasury, through the Office of Financial Sanctions Implementation, has added one new entity and amended an existing entry under the Terrorist-Asset Freezing Act. The effect of the changes is to designate Hizballah in its entirety, in line with the UK government’s proscription of the entire organisation. It is now subject to the restrictions set out in the UK’s Terrorist Asset-Freezing etc. Act 2010 (TAFA).

The entry for Hizballah Military Wing has been amended on the consolidated list and is no longer designated under the TAFA. However, Hizballah Military Wing continues to be subject to Council Regulation (EC) No 2580/2001 and is therefore still subject to an asset freeze.

The HM Treasury Technical Notice can be found here:

Office of Financial Sanctions Implementation: General Notice of Final Designation 17/01/2020 (update 13/01/2021: link no longer valid - see https://www.gov.uk/government/publications/current-list-of-designated-persons-terrorism-and-terrorist-financing)

Persons who are listed for the purposes of TAFA are also automatically Designated Persons for the purposes of the Terrorist Asset-Freezing (Bailiwick of Guernsey) Law, 2011, and any changes to the list are automatically effective under the Law.

MEASURES WHICH SHOULD BE TAKEN

All businesses must check whether they maintain any accounts or otherwise have any kind of relationship with the entities referred to above or with 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 and Resources Committee immediately. 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 license issued by the Policy and 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 18 of the Terrorist Asset Freezing Law.

Any information or queries should be sent to [email protected] with the subject line “Terrorist Financing

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