Advisory Warning No. 2 of 2014 - The Ukraine (Sanctions) (Overseas Territories) (No. 2) Order 2014 (2014-05-06)

Summary

This is an advisory notice issued by the BVI Financial Services Commission informing the public that the UK's Ukraine (Sanctions) (Overseas Territories) (No. 2) Order 2014 has been extended to the British Virgin Islands. The Order implements an asset freeze against persons identified as responsible for misappropriation of Ukrainian State funds and related human rights violations, mirroring EU Council Decision 2014/119/CFSP of 5 March 2014.

• What it does: Extends the UK statutory instrument (U.K.S.I. 2014 No. 1100) to the Territory, freezing the assets of designated persons listed in the Annex to EU Council Decision 2014/119/CFSP.
• Effect on prior order: Revokes and replaces the earlier Ukraine (Sanctions) (Overseas Territories) Order 2014 (U.K.S.I. 2014/497).
• Purpose: Supports the rule of law and human rights in Ukraine by targeting individuals and entities associated with misappropriation of state funds.

The notice does not itself set out new compliance procedures for licensees beyond the general requirement to observe applicable sanctions law; readers should consult the full text of the Order and the Consolidated List for designated persons.

Key obligations

• Regulated entities and the public must not deal with or make funds/economic resources available to persons designated under the Order (asset freeze) as listed in the Annex to EU Council Decision 2014/119/CFSP.

Applies to

all persons and entities in the British Virgin Islands, including regulated financial services entities

Deadlines

• 28 March 2014: Date the Order was ratified and extended to the Territory