Friday 07 March 2014
The States of Guernsey has today adopted further sanction measures against certain persons, entities and bodies in view of the situation in Ukraine. All financial institutions and other bodies are requested to check their records to ensure they comply.
It was agreed by the European Council to introduce restrictive measures on the freezing and recovery of assets of persons identified as responsible for the misappropriation of Ukranian State funds and persons responsible for human rights violations in Ukraine. The EU implemented Council Regulation (EU) No 208/2014 on 6 March which freezes the assets of 18 people, including the former President of Ukraine, Viktor Yanukovych.
Guernsey has implemented the provisions of these restrictive measures through the Ukraine (Restrictive Measures)(Guernsey) Ordinance, 2014 (available to download below) in order to ensure the Island's sanction regime is in line with international developments. This Ordinance was made by the Legislation Select Committee (under Article 66(3) of the Reform (Guernsey) Law 1948 as amended). The Ordinance will also be laid before the States of Deliberation at the next possible meeting.
All financial institutions and other bodies and persons in Guernsey will need to ensure they do not maintain any accounts or otherwise hold any funds or economic resources for the entities and individuals named in the HMT consolidated list. Financial institutions are advised to take a cautious approach to satisfy this sanction regime. The Policy Council is the competent authority and licensing authority in relation to these sanctions. Any queries should be sent to sanctions@gov.gg subject line 'Ukraine sanctions'.
-ENDS-
