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The Iran (Restrictive Measures)(Overseas Territories) Order 2012 - Advisory Warning No. 22 of 2012 (12 October 2012)

Advisory Warning No. 22 of 2012

12 October, 2012

ADVISORY WARNING

The Iran (Restrictive Measures) (Overseas Territories) Order 2012

 

Tortola, British Virgin Islands – 12 October, 2012 – The British Virgin Islands Financial Services Commission (the “FSC”) wishes to advise the general public, including all regulated and other persons that they are required to comply with the requirements of The Iran (Restrictive Measures) (Overseas Territories) Order 2012 (the “2012 Order”).

 

This 2012 Order gives effect to the measures adopted by the European Union in Council Decision 2010/413/CFSP, as amended by Council Decision 2012/35/CFSP on 23 January 2012, and implemented by Council Regulation (EU) No. 267/2012 on 23 March 2012, which incorporated the provisions of United Nations Security Council Resolutions 1737 (2006), 1747 (2007), 1803 (2008) and 1929 (2010), and applied additional restrictive measures in relation to Iran’s nuclear proliferation and missile technology programmes.

 

The main provisions of the Council Decision and Regulation are: a prohibition on the supply of arms to, or purchase of arms from, Iran; a prohibition on the sale or supply of goods and technology which could contribute to Iran’s proliferation activities; a prohibition on providing assistance or financing in relation to prohibited goods; a prohibition on the importation or transportation of oil from Iran; a prohibition on the importation or transportation of petrochemical products from Iran; a prohibition on financing any Iranian person or entity engaged in certain nuclear related activities; a prohibition on supplying equipment to any Iranian person or for use in Iran for the exploration and production of oil or gas, or for use in the petrochemical industry in Iran; a prohibition on the sale or purchase of gold, precious metals or diamonds to or from Iran; a prohibition on the supply of newly printed banknotes and coins to Iran; restrictions on financial transactions to or from Iranian persons or entities; and a prohibition on the purchase of Iranian bonds.

 

This 2012 Order revokes the Iran (United Nations Measures) (Overseas Territories) Order 2007 and the Iran (United Nations Measures) (Overseas Territories) (Amendment) Order 2007.

 

The following is a link to the European Union website for the complete Council of the European Union in Council Decision 2010/413/CFSP, as amended by Council Decision 2012/35/CFSP of 23 January, 2012:

http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2012:019:0022:0030:EN:PDF

 

The following is a link to the European Union website for the complete European Union in Council Regulation (EU) No. 267/2012 of 23 March, 2012:

http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2012:088:0001:0112:EN:PDF

 

The following is a link to view the 2012 Order in its entirety:

http://www.legislation.gov.uk/uksi/2012/1756/contents/made

 

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Contact Information

British Virgin Islands Financial Services Commission


Pasea Estate
P.O. Box 418
Road Town, Tortola, VG 1110
British Virgin Islands

Tel: 284-494-1324 or 284-494-4190 GMT – 4:00
Fax: 284-494-5016
Hours: Monday-Friday 8:30a.m. - 4:30p.m.
commissioner@bvifsc.vg