Advisory Warning No. 4 of 2014 - The United Nations Sanctions (Overseas Territories) (Revocations) Order 2013 (2014-08-13)

Summary

This is a purely informational advisory from the BVI Financial Services Commission notifying the public that a UK sanctions revocation order has been extended to the Territory. It does not create new obligations for regulated entities, but confirms that certain historic sanctions orders no longer have effect.

• What was extended: The United Nations Sanctions (Overseas Territories) (Revocations) Order 2013 (U.K.S.I. 2013 No. 237), ratified on 12 February 2013, was extended to the British Virgin Islands under Schedule 1 to the Order.
• Orders revoked: The Liberia (United Nations Sanctions) (Overseas Territories) Order 2001, the Liberia (United Nations Sanctions) (Overseas Territories) (No. 2) Order 2001, the Liberia (United Nations Sanctions) (Overseas Territories) (Amendment) Order 2003, and the Sierra Leone (United Nations Sanctions) (Overseas Territories) Order 2000.
• Reason: These earlier Orders had already ceased to have effect once the underlying UN sanctions measures they implemented terminated; the 2013 Order formally revokes them.
• Further information: The full text of the Order is available via the UK legislation.gov.uk website link provided in the advisory.

Because this notice simply records the formal revocation of already-lapsed sanctions instruments, it imposes no continuing compliance duties on licensees or the public; readers should update internal sanctions reference lists to remove the revoked Orders where still cited.