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The Syria (Restrictive Measures) (Overseas Territories)(Amendment) Order 2015 - Advisory Warning No. 2 of 2015 (16 December 2015)


Advisory Warning No. 2 of 2015

16 December, 2015

ADVISORY WARNING

 

The Syria (Restrictive Measures) (Overseas Territories) (Amendment) Order 2015

(U.K.S.I. 2015 No. 824)

 

The British Virgin Islands Financial Services Commission (the “FSC”) is advising the public that on 16th April, 2015, The Syria (Restrictive Measures) (Overseas Territories) (Amendment) Order 2015 (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 Syria (Restrictive Measures) (Overseas Territories) Order 2012 (“the Principal Order”).

AND NOTICE IS FURTHER GIVEN that this Order amends the Syria (Restrictive Measures) (Overseas Territories) Order 2012 (S.I. 2012/1755, as amended) (“the principal Order”). The principal Order gives effect in specified Overseas Territories to sanctions in respect of Syria adopted by the European Union in Council Regulation (EU) No 36/2012 (OJ No L 016, 19.1.2012, p1), as amended.

The amendments made in this Order give effect to changes adopted by the European Union in Council Regulation (EU) No 1323/2014 (OJ No L 358, 13.12.2014, p1). In particular, this Order:

(a) creates new offences in relation to the sale, supply, transfer or export of jet fuels and fuel additives to any person, entity or body in Syria or for use in Syria. It also creates offences in relation to the provision of financing or brokering services in relation to the sale, supply, transfer or export of jet fuels and additives;

(b) creates new offences in relation to the circumvention of the restrictions on financial services set out in articles 36 to 40 of the principal Order; and

(c) precludes the enforcement of certain claims in connection with contracts or transactions which are affected by the principal Order.

This Order also amends article 33(2) of the principal Order to include additional bases on which a licence may be granted to authorise conduct which would otherwise be subject to prohibitions set out in articles 25 to 29 of the principal Order. This gives effect to provision made in Council Regulation (EU) No 36/2012, Council Regulation (EU) No 1332/2013 (OJ No L 335, 14.12.2013, p3) and Council Regulation (EU) No 124/2014 (OJ No L 40, 11.2.2014, p8).

This Order also makes minor corrections to the principal Order.

The European Union in Council Regulation 36/2012 of 18th January, 2012 may be viewed in its entirety at the following URL:

http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32012R0036&rid=1

The European Union in Council Regulation 1323/2014 CFSP of 12th December, 2014 may be viewed in its entirety at the following URL:

http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32014R1323&rid=1

 

The Syria (Restrictive Measures) (Overseas Territories) (Amendment) Order 2015 may be viewed in its entirety at the following URL:

http://www.legislation.gov.uk/uksi/2015/824/made

 

Additional Links of Interest:

Consolidated list of financial sanctions targets in the UK – this link updates automatically as new Orders are ratified and extended to the Overseas Territories:

http://hmt-sanctions.s3.amazonaws.com/sanctionsconlist.pdf

List of all Sanctions Orders still enforced and extended to the Overseas Territories: 

http://www.legislation.gov.uk/all?title=sanctions

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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