The Democratic Republic of the Congo (Sanctions) (Overseas Territories) Order 2015 - Advisory Warning No. 13 of 2015 (2015-12-16)

Summary

This is an advisory notice from the BVI Financial Services Commission informing the public that the Democratic Republic of the Congo (Sanctions) (Overseas Territories) Order 2015 (UK SI 2015 No. 1382) was ratified on 8 July 2015 and extended to the British Virgin Islands. The Order implements United Nations Security Council sanctions against the DRC (most recently renewed by UNSC Resolution 2198 of 29 January 2015) and corresponding European Union sanctions measures.

• Revokes and replaces: The 2012, 2005 (two orders) and 2003 prior DRC sanctions orders extended to the Overseas Territories.
• Arms embargo: Imposes an arms embargo against non governmental persons in the Democratic Republic of the Congo.
• Asset freeze and travel ban: Imposes an asset freeze and travel ban against persons designated by the UN Sanctions Committee as engaging in or supporting acts that threaten peace, stability or security in the DRC.
• Licensing exemptions: Allows the Governor to license certain otherwise-prohibited activities under exemptions in the sanctions regime.

The notice is purely informational, directing the public and industry to the full text of the Order, the underlying UN and EU legal instruments, and the consolidated list of financial sanctions targets for screening purposes.

Key obligations

• Persons and entities in the BVI must not deal with, or provide funds or arms to, persons or entities designated under the DRC sanctions regime without a licence from the Governor.
• Regulated entities should screen counterparties against the consolidated list of financial sanctions targets to ensure compliance with the asset freeze and travel ban.

Applies to

financial services businesses, regulated entities, the general public