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The Libya (Restrictive Measures) (Overseas Territories) Order 2011

Tortola – British Virgin Islands – 6 May, 2011 – The British Virgin Islands Financial Services Commission (the "FSC") wishes to advise the public that The Libya (Restrictive Measures) (Overseas Territories) Order 2011 (the "Order") came into force on 9 April, 2011. The Order, was made as a result of the United Nations Security Council Resolution 1970 (2011) adopted on 26 February, 2011 and Resolution 1973 (2011) adopted on 17 March, 2011 which called upon member states to apply certain measures to give effect to decisions of that Council in relation to Libya. As indicated in the Explanatory Note, the Order introduces restrictive measures in respect of Libya as a result of the continuing serious violations of human rights and international humanitarian law in that country. The measures in the Order include a prohibition on the supply or export of arms and related material and equipment that may be used for internal repression to Libya, and a prohibition on making available funds, financial assets or economic resources to designated persons and entities and the freezing of their funds, financial assets or economic resources.

The Order is extended to the Virgin Islands by virtue of Schedules 1 and 2 of the Order. The Order may be viewed in its entirety via the following link:

http://www.legislation.gov.uk/uksi/2011/1080/contents/made

Both Resolutions may be viewed in their entirety via the United Nations weblink index below:

http://www.un.org/Docs/sc/unsc_resolutions11.htm

The Commission advises that members of the public, including all regulated entities and other persons should note accordingly.

For further information, please contact:

Corporate Communications
BVI Financial Services Commission
Pasea Estate, Tortola, British Virgin Islands
Tel: (284) 494- 4190
Fax: (284) 494-5016
Email: corpcomm@bvifsc.vg

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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