Advisory Warning No. 3 of 2014 - The Ukraine (Sanctions) (Overseas Territories) (No. 3) Order 2014 (2014-05-06)

Summary

This is an Advisory Warning from the BVI Financial Services Commission informing the public that The Ukraine (Sanctions) (Overseas Territories) (No. 3) Order 2014 (U.K.S.I. 2014 No. 1098) was ratified on 28 April 2014 and extended to the British Virgin Islands. The Order implements an asset freeze against persons and entities identified as responsible for undermining or threatening the territorial integrity, sovereignty and independence of Ukraine, mirroring the EU's Council Decision 2014/145/CFSP of 17 March 2014.

• Purpose: Extends UK sanctions legislation targeting Ukraine-related designated persons to the BVI as an Overseas Territory.
• Effect: Freezes funds and economic resources of listed persons, entities and bodies associated with actions undermining Ukraine's sovereignty.
• Source list: Designated persons are listed in the Annex to EU Council Decision 2014/145/CFSP; the full Order text is available via UK legislation.gov.uk.

The notice is informational, alerting the public and industry that the sanctions Order now has legal effect in the Territory; it does not itself set out new filing or reporting procedures beyond compliance with the asset freeze it imposes.

Key obligations

• Persons and entities within the British Virgin Islands must not deal with or make funds and economic resources available to persons designated under the Order's asset freeze.

Deadlines

• 28 April 2014: Date on which The Ukraine (Sanctions) (Overseas Territories) (No. 3) Order 2014 was ratified and extended to the Territory, bringing its asset-freeze provisions into effect.