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The Iraq (United Nations Sanctions)(Overseas Territories)(Amendment) Order 2012 - Advisory Warning No. 7 of 2013 (13 March 2013)

Advisory Warning No. 7 of 2013

 

13 March, 2013

 

ADVISORY WARNING

 

The Iraq (United Nations Sanctions)

(Overseas Territories) (Amendment) Order 2012

[U.K.S.I. 2012 No. 2748]

 

 

Tortola, British Virgin Islands – 13 March, 2013 – The British Virgin Islands Financial Services Commission (the “FSC”) is advising the public that on 7 February, 2013, The Iraq (United Nations Sanctions) (Overseas Territories) (Amendment) Order 2012 (the “Order”) was ratified and extended to the Territory.

 

NOTICE IS HEREBY GIVEN that this Order has been extended to the Territory by virtue of Schedule 1 to the Order.  

 

AND NOTICE IS FURTHER GIVEN that this Order consolidates the asset freezing provisions imposed by the United Nations Security Council in relation to Iraq. Asset freezing obligations were originally imposed by the Security Council in relation to Iraq in Security Council Resolution 661 (1990).

These obligations were significantly amended by Security Council Resolution 1483 (2003) to provide for an asset transfer mechanism to the Development Fund for Iraq (“the DFI”) which was an account of the Central Bank of Iraq subject to international oversight by the United Nations. The DFI along with certain obligations preventing the attachment of monies payable to the DFI was terminated by virtue of Security Council Resolution 1956 (2010), but the obligation to freeze assets remained in place.

 

This Order also amends the Iraq (United Nations Sanctions) (Overseas Territories) Order 2003 to update the definition of “restricted goods”.

 

The United Nations Security Council Resolution 661 (1990) may be viewed in its entirety at the following URL:

http://www.un.org/en/sc/documents/resolutions/1990.shtml

 

The United Nations Security Council Resolution 1483 (2003) may be viewed in its entirety at the following URL:

http://www.un.org/en/sc/documents/resolutions/2003.shtml 

 

The United Nations Security Council Resolution 1956 (2010) may be viewed in its entirety at the following URL:

http://www.un.org/en/sc/documents/resolutions/2010.shtml

 

The Iraq (United Nations Sanctions) (Overseas Territories) Order 2003 [U.K.S.I. 2003 No. 1516] may be viewed in its entirety at the following URL:

http://www.legislation.gov.uk/uksi/2003/1516/contents/made 

 

The Iraq (United Nations Sanctions) (Overseas Territories) (Amendment) Order 2012  [U.K.S.I. 2012 No. 2748] may be viewed in its entirety at the following URL:

http://www.legislation.gov.uk/uksi/2012/2748/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