A new civil liability for breach of UK Financial Sanctions
It is important to note that, while Guernsey’s sanctions regime operates independently from that of the UK, there may be circumstances in which Guernsey businesses and individuals are affected by UK legislation.
As with other jurisdictions, the legislative framework of the UK includes provisions which have extra-territorial effect, meaning that an action carried out in Guernsey (or at the instruction of a Guernsey-based entity) can be prosecuted in the UK. It is therefore crucial that Guernsey businesses (particularly those operating in the financial services sector) are aware of developments to the UK sanctions regime and counter-terrorism legislation.
This note is for information purposes only and is not intended to be legal advice.