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The Syria (Restrictive Measures)(Overseas Territories) Order 2012 - Advisory Warning No. 23 of 2012 (12 October 2012)

Advisory Warning No. 23 of 2012

12 October, 2012

ADVISORY WARNING

The Syria (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 Syria (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 2011/782/CFSP adopted on 1 December, 2011 and EU Council Regulation No. 36/2012 adopted on 18 January, 2012, as amended.

 

The EU Council Decision and EU Council Regulation repealed and replaced EU sanctions measures in relation to Syria originally adopted in May 2011 (EU Council Decision 2011/273/CFSP and EU Council Regulation 442/2011, as amended), which were previously given effect by The Syria (Restrictive Measures) (Overseas Territories) Order 2011 (the “2011 Order”). The 2012 Order revokes the 2011 Order.

 

The main provisions of the 2012 Order give effect to an asset freeze in relation to persons responsible for the violent repression against the Syrian population in Syria, persons and entities benefiting from or supporting the Assad regime, and associated persons and entities as listed in Annexes II and IIa to the Council Regulation. The 2012 Order also gives effect to an arms embargo and trade restrictions (in relation to specified equipment, goods, technology, software, crude oil, petroleum products, Syrian banknotes and coins, gold, precious metals and diamonds, and luxury goods), and to restrictions on financial services.

 

The following is a link to the European Union website for the complete Council of the European Union in Council Decision 2011/782/CFSP adopted on 1 December, 2011:

http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2011:319:0056:0070:EN:PDF 

 

The following is a link to the European Union website for the complete European Union in Council Regulation (EU) No. 36/2012 adopted on 18 January, 2012 as amended, including the listing of associated persons and entities in Annexes II and IIa to the Regulation to which the 2012 Order applies:

http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2012:016:0001:0032:EN:PDF  

 

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

http://www.legislation.gov.uk/uksi/2012/1755/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