Advisory Warning No. 2 of 2015 - The Syria (Restrictive Measures) (Overseas Territories)(Amendment) Order 2015 (2015-12-16)

Summary

This is an FSC advisory notifying the public that The Syria (Restrictive Measures) (Overseas Territories) (Amendment) Order 2015 (UK S.I. 2015/824) has been extended to the British Virgin Islands, ratified on 16 April 2015. The Order amends the existing Syria (Restrictive Measures) (Overseas Territories) Order 2012, giving effect in the Territory to further EU sanctions changes relating to Syria.

• New offences: jet fuel: Creates offences for selling, supplying, transferring or exporting jet fuels and fuel additives to any person, entity or body in Syria or for use in Syria, and for providing financing or brokering services in connection with such transactions.
• Circumvention offences: Creates new offences for circumventing the financial services restrictions set out in articles 36 to 40 of the principal Order.
• Claims enforcement bar: Precludes the enforcement of certain claims connected with contracts or transactions affected by the principal Order.
• Licensing amendment: Amends article 33(2) of the principal Order to add further bases on which a licence may be granted to permit conduct otherwise prohibited under articles 25 to 29.
• Minor corrections: Makes minor corrections to the text of the principal Order.

The notice directs readers to the underlying UK legislation and EU Council Regulations for full detail, and to the consolidated UK sanctions list, which updates automatically as new Orders are extended to the Overseas Territories.

Key obligations

• Persons and entities must not sell, supply, transfer or export jet fuels or fuel additives to any person, entity or body in Syria or for use in Syria
• Persons and entities must not provide financing or brokering services in relation to prohibited jet fuel and fuel additive transactions involving Syria
• Persons and entities must not circumvent the financial services restrictions set out in articles 36 to 40 of the principal Order
• Parties must be aware that certain claims connected with contracts or transactions affected by the principal Order cannot be enforced

Applies to

the public, persons and entities in the Virgin Islands subject to Syria sanctions restrictions, financial services businesses subject to AML/CFT and sanctions obligations

Deadlines

• 16 April 2015: Date the Syria (Restrictive Measures) (Overseas Territories) (Amendment) Order 2015 was ratified and extended to the Territory