News

The Iran (Restrictive Measures) (Overseas Territories) (Amendment and Suspension) Order 2015 - Advisory Warning No. 17 of 2015 (16 December 2015)


Advisory Warning No. 17 of 2015

16 December, 2015

ADVISORY WARNING

 

The Iran (Restrictive Measures) (Overseas Territories) (Amendment and Suspension) Order 2015

(U.K.S.I. 2015 No. 825)

 

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

AND NOTICE IS FURTHER GIVEN that this Order amends the Iran (Restrictive Measures) (Overseas Territories) Order 2012 (S.I. 2012/1756) to give effect in specified Overseas Territories to Council Regulation (EU) No 42/2014 of 20 January 2014 (OJ L15 20.1.2014, p18) (“the 2014 Regulation”), which amends Council Regulation (EU) No 267/2012 of 23 March 2012 (OJ L88 24.3.2012, p1) concerning restrictive measures against Iran (“the Iran Regulation”).

The 2014 Regulation amends the Iran Regulation to increase the authorisation thresholds in relation to the transfer of funds to and from Iran and to provide for an exemption for the release of funds or economic resources to the Ministry of Petroleum in Iran, which are necessary for the execution of contracts for the import or purchase of petrochemical products listed in Annex V to the Iran Regulation.

In addition, the 2014 Regulation temporarily suspends certain restrictive measures specified in the Iran Regulation including the prohibition on the provision of insurance and reinsurance and transport of Iranian crude oil, the prohibition on the import, purchase or transport of Iranian petrochemical products and the prohibition on trade in gold and precious metals with the Government of Iran. 

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

http://www.legislation.gov.uk/uksi/2015/825/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

 


Actions: E-mail | Permalink |

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