Advisory
Freezing of Assets Held By Designated Persons and Entities Subject to the Egypt (Restrictive Measures) (Overseas Territories) Order 2011 - Advisory Warning No. 13 of 2011 (2011-10-17)
IssuedView on FSC's website Source document
Summary
This is an advisory warning from the BVI Financial Services Commission notifying the public and regulated entities of their obligations under the Egypt (Restrictive Measures) (Overseas Territories) Order 2011, which came into force on 15 July 2011. The Order implements EU sanctions targeting individuals identified as responsible for misappropriating Egyptian state funds, and extends the asset freeze regime to the Virgin Islands.
- Prohibition on dealings: No funds, financial assets or economic resources may be made available, directly or indirectly, to designated persons and entities.
- Asset freeze: Funds, financial assets and economic resources belonging to, owned, held or controlled by designated persons and entities must be frozen.
- Designated persons list: The advisory reproduces the list of 19 designated individuals (former President Hosni Mubarak, family members, former ministers and associates) from Annex I to EU Council Decision 2011/172/CFSP and Council Regulation (EU) No. 270/2011.
The advisory does not itself introduce new BVI-specific procedures beyond restating the Order's requirements; it is a notice reminding regulated and other persons of an existing legal obligation to comply with the sanctions regime already extended to the Virgin Islands.
Key obligations
- Must not make funds, financial assets or economic resources available, directly or indirectly, to any person or entity named on the designated persons list.
- Must freeze any funds, financial assets or economic resources belonging to, owned, held or controlled by designated persons or entities.
Applies to
general public, regulated persons, other persons subject to BVI financial services regulation
Deadlines
- 15 July 2011: Date the Egypt (Restrictive Measures) (Overseas Territories) Order 2011 came into force, from which the asset freeze and prohibition on dealings apply.