The Iran (Restrictive Measures) (Overseas Territories) Order 2011 - Advisory Warning No. 5 of 2012 (2012-04-30)

Summary

This is an advisory notice from the BVI Financial Services Commission alerting the public and regulated persons to their obligations under The Iran (Restrictive Measures) (Overseas Territories) Order 2011, which came into force on 16 December 2011. The Order implements EU sanctions (Council Decision 2011/235/CFSP and Council Regulation (EU) No. 359/2011) requiring the freezing of funds and economic resources of persons and entities responsible for serious human rights violations in Iran, and has been extended to the Virgin Islands.

The advisory reproduces the full EU designation list (Annex I) of 32 named individuals - mostly senior Iranian police, IRGC, judiciary and prison officials - whose assets must be frozen. It does not create new obligations beyond directing readers to comply with the Order and identifying the designated persons.

• Who must act: The general public, all regulated persons, and other persons in or from within the BVI
• What is required: Freeze the funds and economic resources of the 32 designated individuals listed in Annex I
• Legal basis: The Iran (Restrictive Measures) (Overseas Territories) Order 2011, in force from 16 December 2011, implementing EU Council Decision 2011/235/CFSP and Council Regulation (EU) No. 359/2011

Key obligations

• Comply with the requirements of The Iran (Restrictive Measures) (Overseas Territories) Order 2011
• Freeze funds and economic resources belonging to, owned, held or controlled by the designated persons listed in Annex I

Applies to

regulated persons, general public

Deadlines

• 16 December 2011: Date the Iran (Restrictive Measures) (Overseas Territories) Order 2011 came into force, triggering the asset-freeze obligations