The Central African Republic (Sanctions) (Overseas Territories) (Amendment) Order 2015 - Advisory Warning No. 15 of 2015 (2015-12-16)

Summary

This is a BVI Financial Services Commission advisory notifying the public that the Central African Republic (Sanctions) (Overseas Territories) (Amendment) Order 2015 (UKSI 2015/1380) has been extended to the British Virgin Islands. The Order amends the 2014 principal Order to implement UN Security Council Resolution 2196 (2015) and related EU Council Decision/Regulation, renewing and adjusting the sanctions regime against the Central African Republic.

• Renewal: UNSCR 2196 renews the Central African Republic sanctions regime until 29 January 2016.
• Arms embargo: The Order adds certain exemptions to the arms embargo to align with UN and EU provisions.
• Asset freeze: The definition of 'funds' and the exemptions to the asset freeze in the principal Order are amended for consistency with EU implementing legislation.
• Technical corrections: Minor corrections are made to the principal 2014 Order.

The advisory is informational, directing regulated entities and the public to the underlying UK, UN and EU legal texts and to the consolidated list of financial sanctions targets. It does not itself set out new filing or reporting procedures beyond the existing sanctions compliance framework.

Key obligations

• Regulated entities and financial services providers must continue to comply with the asset freeze and arms embargo measures against designated persons connected to the Central African Republic as amended by the Order.
• Entities should check the UK consolidated list of financial sanctions targets, which updates automatically, to identify designated persons subject to the freeze.

Applies to

financial services providers, regulated entities, banking, financing and money services businesses

Deadlines

• 29 January 2016: UNSCR 2196 renews the Central African Republic sanctions regime until this date.