Sanctions Notice - Venezuela

Venezuela (Restrictive Measures) (Guernsey) Ordinance, 2017

The Venezuela (Restrictive Measures) (Guernsey) Ordinance, 2017 has been made to give effect to Council Regulation (EU) 2017/2063 concerning restrictive measures in relation to Venezuela.

The effect of the Regulation is to introduce export restrictions in respect of arms, surveillance equipment or equipment that could be used for domestic repression to Venezuela, together with prohibitions on providing related technical or financial assistance. The Regulation also imposes financial restrictions targeted at listed persons responsible for or complicit in actions or policies that threaten the peace, security or stability of Venezuela. No persons are currently listed.

The EU regulation is available here: http://eur-lex.europa.eu/legal-content/EN/TXT/?qid=1512058305429&uri=CELEX:32017R2063

MEASURES WHICH SHOULD BE TAKEN

The Ordinance referred to above is immediately effective and is available on the Guernsey Legal Resources website.

All businesses must familiarise themselves with the legislation and check whether they have any kind of relationship that may relate to prohibited activity. Businesses must report any findings to the Policy and Resources Committee immediately.

Businesses should also be aware that any designations made by the EU under the Regulation will automatically be effective under the Ordinance. In those circumstances businesses must check whether they maintain any accounts or otherwise have any kind of direct or indirect relationship with any natural or legal persons, entities or bodies designated under the legislation, and must treat any funds 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 and have been authorised by the Policy and Resources Committee.

The information referred to above is required by the Policy and Resources Committee in the exercise of its powers under the Schedule to the Ordinance.

Any information or queries should be sent to [email protected] with the subject line “Venezuela”.

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