The Belarus (Restrictive Measures) (Overseas Territories) Order, 2011 - Advisory Warning No. 8 of 2012 (2012-06-11)

Summary

This is an advisory notice from the BVI Financial Services Commission alerting the public and industry that the Belarus (Restrictive Measures) (Overseas Territories) Order, 2011 (U.K.S.I. 2011 No. 2440), as amended by U.K.S.I. 2011 No. 2988, is in force, and that the earlier 2006 Belarus Order has been revoked. The Orders give effect to EU Council Decision 2010/639/CFSP and Council Regulation 765/2006 imposing restrictive measures on Belarus.

• Arms prohibition: Prohibits the supply and delivery of arms and related material to Belarus without a licence granted by the Governor.
• Asset freeze: Freezes the funds and economic resources of persons and entities listed in Annex I and IA to the Council Regulation.
• Prohibition on making funds available: Prohibits making funds or economic resources available, directly or indirectly, to designated persons or entities associated with Belarus.
• Designated persons list: Refers readers to the UK HM Treasury website for the full list of designated persons subject to the Order.
• Offence provision: Under Article 4 of the Order, supplying, delivering or agreeing to supply or deliver restricted goods to a person or destination in Belarus without authority is an offence, subject to a knowledge/reasonable cause to suspect defence.

The notice is informational, publicising an existing UK Overseas Territories sanctions order rather than creating new FSC-specific filing or reporting deadlines. Compliance is a matter of adherence to the underlying Order's prohibitions, which are already in force.

Key obligations

• Do not supply, deliver, or agree to supply or deliver arms or related material to any person or destination in Belarus without a licence granted by the Governor
• Do not make funds or economic resources available, directly or indirectly, to persons or entities listed in Annex I and IA to Council Regulation 765/2006
• Freeze funds and economic resources belonging to or held for designated persons or entities linked to Belarus
• Check transactions and clients against the designated persons list published on the UK HM Treasury website

Applies to

financial services businesses, industry practitioners, the general public