Advisory Warning No. 6 of 2017 - The Syria (Restrictive Measures) (Overseas Territories) (Amendment) Order 2017 (2017-04-12)

Summary

This is an advisory notice from the BVI Financial Services Commission informing the public and industry that The Syria (Restrictive Measures) (Overseas Territories) (Amendment) Order 2017 (UKSI 2017 No. 169) was ratified on 15 March 2017 and extended to the Virgin Islands. The Order amends the principal Syria (Restrictive Measures) (Overseas Territories) Order 2012, which gives effect in the Territory to EU sanctions against Syria.

• Purpose: Implements changes adopted by the EU in Council Regulation (EU) No 2016/2137, amending the earlier EU Regulation (EU) No 36/2012 concerning restrictive measures on Syria.
• Substantive changes: Reflects amendments to the EU Syria sanctions regime concerning the purchase and transport (and associated financing) of petroleum products in Syria.
• Offence provisions: Makes related amendments to offences in the principal Order concerning making funds or economic resources available to designated persons, plus minor amendments to definition, licensing and offence provisions.
• Reference links: Provides links to the EU Regulations, the UK Order text, and the UK consolidated list of financial sanctions targets for further reference.

The notice is purely informational, alerting regulated persons and the public to the existence and content of the amending Order rather than imposing new BVI-specific filing or reporting duties beyond continued compliance with the underlying sanctions regime.

Key obligations

• Persons and entities within scope of the Syria sanctions regime must not make funds or economic resources available to persons designated under the Order.
• Regulated entities must comply with the amended restrictions on the purchase, transport and financing of petroleum products in Syria as extended to the Territory.

Applies to

financial institutions and regulated entities in the British Virgin Islands subject to international sanctions obligations, persons dealing with designated persons under the Syria sanctions regime