The Iraq (Sanctions) (Overseas Territories) Order 2015 - Advisory Warning No. 14 of 2015 (16 December 2015)

Summary

This is an advisory notice from the BVI Financial Services Commission informing the public and industry that The Iraq (Sanctions) (Overseas Territories) Order 2015 (UK S.I. 2015 No. 1383) has been extended to the British Virgin Islands. The Order implements United Nations Security Council sanctions on Iraq and corresponding European Union measures, and replaces several earlier Iraq sanctions orders.

• Arms embargo: The Order imposes an arms embargo in relation to Iraq that applies in the Territory.
• Asset freeze: An asset freeze applies against persons designated by the United Nations Sanctions Committee.
• Cultural property prohibition: The Order prohibits the import or export of illegally removed Iraqi cultural property in the Overseas Territories.
• Licensing exemptions: The Governor may license certain activities that would otherwise be restricted, in line with exemptions under the sanctions regime.
• Revoked instruments: The Order revokes and replaces the Iraq (United Nations Sanctions) (Overseas Territories) Order 2003 and its subsequent amendment orders (2004, 2004 No.2, and 2012).

The notice is informational, directing readers to the full text of the Order and related EU instruments via linked sources, and does not itself set out new administrative filing procedures beyond compliance with the sanctions measures described.

Key obligations

• Persons and entities in the British Virgin Islands must comply with the asset freeze against persons designated by the United Nations Sanctions Committee in respect of Iraq.
• Persons and entities must comply with the arms embargo imposed in relation to Iraq under the Order.
• Persons must not import or export illegally removed Iraqi cultural property in the Territory.
• Any licensable activity otherwise restricted under the sanctions regime requires a licence from the Governor.

Applies to

financial services businesses, the general public, persons and entities in the British Virgin Islands