Advisory Warning No. 5 of 2017 - The Terrorist Asset-Freezing etc. Act 2010 (Overseas Territories) (Amendment) Order 2017 (2017-04-05)

Summary

This is an advisory notice from the BVI Financial Services Commission informing the public that a UK Order in Council, The Terrorist Asset-Freezing etc. Act 2010 (Overseas Territories) (Amendment) Order 2017, has been ratified and extended to the British Virgin Islands. The Order amends the 2011 Principal Order that extends the UK's terrorist asset-freezing regime to Overseas Territories, including the BVI.

• Expanded designated person definition: The definition of designated person under the principal Order now includes persons designated by HM Treasury under the UK Act, persons designated by the Council of the European Union under Council Regulation (EC) 2580/2001, and persons designated by the Governor of an Overseas Territory.
• Asset freeze regime: Persons falling within the expanded designated person definition become subject to the asset freeze regime under the principal Order.
• Governor consultation before designation: The Governor must consult the Secretary of State before designating any person under the Act as extended by the principal Order.
• Governor consultation on licensing: Before granting, varying or revoking a licence for a person designated by the Treasury or the EU Council, the Governor must consult the Treasury; for a person designated by the Governor, the Governor must consult the Secretary of State instead.
• Other amendments: The Order also makes other minor amendments to the principal Order that are not detailed further in this advisory.

The advisory is informational, alerting industry and the public to the legal change; it does not itself impose new filing or reporting duties on regulated entities but is relevant to AML/CFT sanctions screening obligations already in place.

Deadlines

• 8 March 2017: Date on which the Terrorist Asset-Freezing etc. Act 2010 (Overseas Territories) (Amendment) Order 2017 was ratified and extended to the Territory