Advisory Warning No. 1 of 2016 - The Iran (Sanctions) (Overseas Territories) Order, 2016 (2016-03-29)

Summary

This is an advisory notice from the BVI Financial Services Commission informing the public that the Iran (Sanctions) (Overseas Territories) Order 2016 (UK S.I. 2016 No. 371) was ratified on 17 March 2016 and extended to the British Virgin Islands. The Order revokes and replaces the earlier Iran (Restrictive Measures) (Overseas Territories) Order 2012 and implements the revised, staged sanctions relief for Iran agreed under UN Security Council resolution 2231 and the Joint Comprehensive Plan of Action, as reflected in corresponding EU Council Decisions and Regulations.

• Asset freezes: The Order continues the freezing of funds and economic resources belonging to designated persons connected to Iran's nuclear programme.
• Trade restrictions: The Order maintains trade restrictions in respect of specified goods related to Iran.
• Licensing exemptions: The Order allows the Governor to license certain otherwise-restricted activities in line with exemptions under the sanctions regime.

The advisory is informational in nature, alerting industry and the public to the existence and content of the UK Order and directing readers to the full text and to the UK consolidated list of financial sanctions targets for ongoing screening purposes.