Advisory Warning No. 7 of 2017 - The Democratic People's Republic of Korea (Sanctions) (Overseas Territories) (Amendment) Order 2017 (2017-04-12)

Summary

This is a BVI Financial Services Commission advisory notifying the public that a UK statutory order extending sanctions on North Korea to the Overseas Territories, including the BVI, has been ratified. It does not itself create new BVI legislation but informs stakeholders of amendments made to the existing sanctions order applicable in the Territory.

• What happened: On 5 April 2017 the Democratic People's Republic of Korea (Sanctions) (Overseas Territories) (Amendment) Order 2017 (UKSI 2017 No. 320) was ratified and extended to the BVI, amending the Democratic People's Republic of Korea (Sanctions) (Overseas Territories) Order 2012.
• Why: The amendment implements sanctions adopted by UN Security Council Resolution 2321 (2016) and related EU Council Decision (CFSP) 2017/345 and Council Regulation 2017/330 amending Regulation (EC) No 329/2007.
• Effect: UN and EU sanctions against North Korea continue to be given effect in the BVI through the 2012 Order as now amended by this 2017 Order.
• Resources provided: The advisory lists links to the underlying UN resolution, EU decisions and regulations, the UK legislation text, and the consolidated list of financial sanctions targets.

The notice is informational in nature, alerting regulated entities and the public to the existence and source of the amended sanctions order rather than imposing new standalone requirements beyond compliance with applicable sanctions law.

Applies to

Banking, Financing and Money Services businesses, Trust & Corporate Services Providers, Insurance, Investment Business, Insolvency Practitioners, Registered Agents, Virtual Assets Service Providers, general public