Advisory Warning No. 11 of 2014 - The Iran (Restrictive Measures) (Overseas Territories) (Amendment) (No. 2) Order 2013 (2014-08-13)

Summary

This is a public advisory from the BVI Financial Services Commission notifying industry and the public that a UK Order extending Iran-related sanctions to the British Virgin Islands has come into force. The Order amends an earlier 2012 Order giving effect to EU Council Decision 2012/635/CFSP, which forms part of the EU sanctions regime targeting Iran's nuclear programme.

• Trade prohibitions: Bans the sale, supply, transfer and export of certain key technology, software, natural gas, graphite and raw or semi-finished materials to or from Iran.
• Brokering and financing: Prohibits providing brokering services, financing or financial assistance in respect of the restricted goods.
• Financial institution restrictions: Restricts credit and financial institutions in the Overseas Territories from making or receiving transfers to or from Iranian credit and financial institutions and bureaux de change.
• Shipping restrictions: Prohibits providing services to Iranian vessels, and providing vessels to store or transport oil or petroleum products for Iranian persons or entities.

The advisory does not create new BVI-specific filing or reporting requirements; it simply notifies regulated entities of the extension and scope of the UK sanctions Order and directs readers to the full text of the EU Decision and the UK Order for details.

Key obligations

• Credit and financial institutions in the BVI must not make or receive transfers to or from Iranian credit and financial institutions or bureaux de change.
• Persons and entities must not sell, supply, transfer or export the specified restricted goods (key technology, software, natural gas, graphite, raw or semi-finished materials) to Iran.
• Persons must not provide brokering services, financing or financial assistance connected with the prohibited goods.
• Persons must not provide services to Iranian vessels or provide vessels to store or transport oil or petroleum products for Iranian persons or entities.

Applies to

credit institutions, financial institutions, bureaux de change, businesses involved in export/trade of restricted goods, providers of vessels and shipping services