Guernsey Calls on Companies to Submit Russia-Related Blocked Asset Reports
The Guernsey Financial Services Commission on Nov. 1 called on companies to submit reports involving frozen assets linked to parties designated under the Russia sanctions list. Businesses that "hold or control frozen assets" of the sanctioned parties, "or which have an ongoing connection to frozen assets outside" Guernsey, should report certain information about those assets to the government by Nov. 24.
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Guernsey said some businesses may already have provided similar reports to the U.K.'s Office of Financial Sanctions Implementation, but "the scope of the information required by" Guernsey's Policy & Resources Committee "differs slightly from that required by OFSI, as it takes account of the particular financial services provided by the Bailiwick."
The Baliwick of Guernsey, a self-governing British Crown dependency in the English Channel, said its review covers three types of assets: assets located in Bailiwick banks, assets located outside the Bailiwick but held or controlled by Bailiwick individuals, and assets neither located in nor controlled from the Bailiwick but where there is some kind of "ongoing connection" to the area.