Freezing of Assets Held By Designated Persons and Entities Subject to the Syria (Restrictive Measures) (Overseas Territories) Order 2011 - Advisory Warning No. 12 of 2011 (2011-10-17)

Summary

This is an Advisory Warning issued by the BVI Financial Services Commission alerting regulated entities and the general public to the Syria (Restrictive Measures) (Overseas Territories) Order 2011, which took effect on 15 July 2011 and extends EU sanctions against Syria to the British Virgin Islands. It requires compliance with an asset freeze and related prohibitions against a list of designated Syrian individuals responsible for the violent repression of civilians.

• Asset freeze: Funds and economic resources belonging to, owned, held or controlled by the listed designated persons and entities must be frozen.
• No funds made available: Funds or economic resources must not be made available, directly or indirectly, to or for the benefit of the designated persons and entities.
• Arms embargo: The Order prohibits the supply and delivery of arms and related material, and equipment that could be used for internal repression.
• Designated persons list: The advisory reproduces the full list of 23 designated Syrian individuals (including Bashar Al-Assad and other officials) named in Annex II to EU Council Regulation No. 504/2011.

The advisory is informational in nature, restating obligations that already arise directly under the Order as extended to the Virgin Islands; it does not itself create a separate filing or reporting deadline.

Key obligations

• Freeze the funds and economic resources of the designated persons and entities listed in Annex II to Council Regulation (EU) No. 504/2011.
• Do not make funds or economic resources available, directly or indirectly, to or for the benefit of the designated persons and entities.
• Do not supply or deliver arms or related material, or internal repression equipment, to Syria or persons/entities connected to the repression.
• Comply generally with the requirements of the Syria (Restrictive Measures) (Overseas Territories) Order 2011 as extended to the Virgin Islands.

Applies to

general public, all regulated persons, other persons

Deadlines

• 15 July 2011: Date the Syria (Restrictive Measures) (Overseas Territories) Order 2011 came into force and became binding in the Virgin Islands.