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Advisory Warning No. 6 of 2017 - The Syria (Restrictive Measures) (Overseas Territories) (Amendment) Order 2017 (12 April 2017)

ADVISORY WARNING

 

The Syria (Restrictive Measures) (Overseas Territories) (Amendment) Order 2017

(U.K.S.I. 2017 No. 169)

The British Virgin Islands Financial Services Commission (the “FSC”) is advising the public that on 15th March, 2017, The Syria (Restrictive Measures) (Overseas Territories) (Amendment) Order 2017 (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 (“EU”) 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  EU  in  Council Regulation  (EU)  No  2016/2137  (OJ  No  L  332/3, 7.12.2016).  In  particular,  this  Order  reflects amendments to the EU sanctions regime against Syria in respect of the purchase and transport (and associated  financing)  of  petroleum  products  in  Syria.  It  also  makes  related  amendments  to offences  in  the  principal  Order  relating  to  making available  funds  or  economic  resources  to designated  persons,  as  well  as  other  minor  amendments  to  the  definition,  licensing  and  offence provisions.

The European Union in Council Regulation (EU) No 36/2012 of 18 January 2012 concerning restrictive measures in view of the situation in Syria and repealing Regulation (EU) No 442/2011 may be viewed in its entirety at the following URL:

http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32012R0036

The European Union in Council Regulation (EU) 2016/2137 of 6 December 2016 amending Regulation (EU) No 36/2012 concerning restrictive measures in view of the situation in Syria may be viewed in its entirety at the following URL:

http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32016R2137

The Syria (Restrictive Measures) (Overseas Territories) (Amendment) Order 2017 may be viewed in its entirety at the following URL:

http://www.legislation.gov.uk/uksi/2017/169/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=overseas%20territories

 

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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