Advisory Warning No. 17 of 2015 - The Iran (Restrictive Measures) (Overseas Territories) (Amendment and Suspension) Order 2015 (2015-12-16)

Summary

This is an informational advisory from the BVI Financial Services Commission notifying the public and industry that the Iran (Restrictive Measures) (Overseas Territories) (Amendment and Suspension) Order 2015 (UK S.I. 2015 No. 825) has been extended to the Virgin Islands. The Order amends the 2012 Iran Restrictive Measures Order to give effect to EU Council Regulation No 42/2014, which itself amends the EU's Iran sanctions regime (Regulation No 267/2012).

• Threshold changes: Increases the authorisation thresholds applicable to transfers of funds to and from Iran.
• New exemption: Provides an exemption for release of funds or economic resources to Iran's Ministry of Petroleum where necessary to execute contracts for import or purchase of listed petrochemical products.
• Temporary suspensions: Temporarily suspends certain restrictive measures, including prohibitions on insurance/reinsurance and transport of Iranian crude oil, on import/purchase/transport of Iranian petrochemical products, and on trade in gold and precious metals with the Government of Iran.

The advisory is purely informational, directing readers to the full text of the Order and to the UK consolidated sanctions list and register of Orders extended to the Overseas Territories; it does not itself set out new filing or reporting obligations for BVI licensees beyond general compliance with applicable sanctions law.