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Advisory Warning No. 1 of 2016 - The Iran (Sanctions) (Overseas Territories) Order, 2016. (29 March 2016)

ADVISORY WARNING

 

The Iran (Sanctions) (Overseas Territories) Order 2016

                                                      (U.K.S.I. 2016 No. 371)


The British Virgin Islands Financial Services Commission (the “FSC”) is advising the public that on 17th March 2016, The Iran (Sanctions) (Overseas Territories) Order 2016 (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 gives effect in specified Overseas Territories to sanctions in respect of Iran set out in United Nations Security Council resolution 2231 (2015) (“resolution 2231”) and the Joint Comprehensive Plan of Action (“JCPOA”) annexed to that resolution. It also reflects the implementation of these sanctions by the European Union in Council Decision 2010/413/CFSP of 26 July 2010, as amended most recently by Council Decision (CFSP) 2015/1863 of 18 October 2015 (“the 2015 Council Decision”), and Council Regulation (EU) No. 267/2012 of 23 March 2012, as amended most recently by Council Regulation (EU) 2015/1861 and Council Implementing Regulation (EU) 2015/1862, both of 18 October 2015 (“the 2015 Council Regulations”).

The JCPOA annexed to resolution 2231 provides for staged sanctions relief for Iran in exchange for Iran verifiably limiting its nuclear programme. The 2015 Council Decision and 2015 Council Regulations were adopted to reduce the restrictive measures against Iran consistent with the first stage of sanctions relief set out in the JCPOA and resolution 2231, and entered into force on 16th January 2016.

This Order revokes and replaces the Iran (Restrictive Measures) (Overseas Territories) Order 2012 to implement the revised package of sanctions in the Overseas Territories. The sanctions include the freezing of funds and economic resources of designated persons, as well as trade restrictions in respect of specified goods. The Order also makes provision for the Governor to license certain activities in line with exemptions under the sanctions regime. 

The Iran (Sanctions) (Overseas Territories) Order 2016 may be viewed in its entirety at the following URL:

http://www.legislation.gov.uk/uksi/2016/371/pdfs/uksi_20160371_en.pdf

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