Advisory Warning No. 19 of 2012 - The Iran (Restrictive Measures)(Overseas Territories)(Amendment) Order 2012 (2012-09-11)

Summary

This is an advisory notice from the BVI Financial Services Commission alerting the public and regulated entities to a UK Order extending EU-derived sanctions measures against Iran to the British Virgin Islands. It does not create new FSC rules itself but flags a legal requirement to comply with the underlying sanctions Order.

• What the Order does: The Iran (Restrictive Measures) (Overseas Territories) (Amendment) Order 2012 amends the 2011 Order, giving effect in the Overseas Territories to EU Council Decision 2012/168/CFSP and Council Regulation (EU) No. 264/2012 of 23 March 2012.
• New prohibitions introduced: Bans the sale, supply, transfer or export to Iran of equipment that may be used for internal repression, and of telecommunications monitoring equipment, technology or software to any person in Iran or for use in Iran, along with related prohibitions on technical assistance, brokering services, financing and financial assistance.
• Who must comply: The FSC states that the general public, all regulated persons and other persons must comply with the requirements of the 2012 Order.

The advisory provides links to the EU Council Decision, the EU Regulation, and the full text of the 2012 Order for readers who need the complete legal requirements, rather than restating them in full.

Key obligations

• All regulated and other persons must comply with the prohibitions in the 2012 Order, including not selling, supplying, transferring or exporting to Iran equipment usable for internal repression
• Must not sell, supply, transfer or export telecommunications monitoring equipment, technology or software to any person in Iran or for use in Iran
• Must not provide related technical assistance, brokering services, financing or financial assistance connected to the prohibited goods or services

Applies to

regulated persons, general public