The Iran (Restrictive Measures)(Overseas Territories) Order 2012 - Advisory Warning No. 22 of 2012 (12 October 2012)

Summary

This is an Advisory Warning issued by the BVI Financial Services Commission notifying the public and all regulated and other persons that they must comply with The Iran (Restrictive Measures) (Overseas Territories) Order 2012. The Order extends EU sanctions on Iran, adopted under Council Decision 2010/413/CFSP (as amended) and Council Regulation (EU) No. 267/2012, into BVI law, and it revokes the earlier Iran (United Nations Measures) (Overseas Territories) Order 2007 and its 2007 amendment.

• Arms: Prohibition on supplying arms to, or purchasing arms from, Iran
• Proliferation goods: Prohibition on sale or supply of goods and technology that could contribute to Iran's nuclear or missile proliferation activities, and on financing or assisting such supplies
• Oil and petrochemicals: Prohibition on importing or transporting oil or petrochemical products from Iran
• Nuclear related financing: Prohibition on financing any Iranian person or entity engaged in certain nuclear related activities
• Oil, gas and petrochemical equipment: Prohibition on supplying equipment for Iranian oil, gas exploration/production or petrochemical industry use
• Precious commodities: Prohibition on sale or purchase of gold, precious metals or diamonds to or from Iran
• Currency: Prohibition on supplying newly printed banknotes and coins to Iran
• Financial transactions: Restrictions on financial transactions to or from Iranian persons or entities, including a prohibition on purchasing Iranian bonds

The advisory directs readers to the underlying EU Council Decision, EU Regulation, and the full text of the 2012 Order (via linked sources) for complete detail, but does not itself set out new reporting forms or filing procedures beyond requiring compliance with the Order.

Key obligations

• All regulated and other persons in the BVI must comply with the restrictive measures set out in The Iran (Restrictive Measures) (Overseas Territories) Order 2012, including the prohibitions on arms trade, proliferation-related goods and technology, oil and petrochemical trade, nuclear-related financing, related equipment supply, precious metals and diamonds trade, banknote and coin supply, and Iranian bond purchases, and the restrictions on financial transactions with Iranian persons or entities

Applies to

regulated persons, general public