The Syria (Restrictive Measures) (Overseas Territories) (Amendment) (No. 2) - Advisory Warning No. 9 of 2014 (13 August 2014)

Summary

This is an informational advisory issued by the BVI Financial Services Commission notifying the public and industry that a UK Order extending Syria sanctions to the British Virgin Islands has been amended. The amendment relaxes certain existing restrictions rather than imposing new prohibitions.

• What changed: The Syria (Restrictive Measures) (Overseas Territories) (Amendment) (No. 2) Order 2013 (U.K.S.I. 2013 No. 2598) was ratified and extended to the BVI on 9 October 2013, amending the principal Syria (Restrictive Measures) (Overseas Territories) Order 2012.
• EU basis: The amendment gives effect to changes made by EU Council Regulation (EU) No 697/2013, which introduced exemptions to existing Syria sanctions.
• Exemptions covered: Exemptions apply to restrictions on importing crude oil and petroleum products from Syria, financing of certain enterprises, and the opening by credit or financial institutions of new bank accounts or representative offices in Syria.
• Licensing mechanism: The Order enables the Governor, with the consent of the Secretary of State, to grant licences permitting these otherwise prohibited activities.

The notice is purely informational, directing readers to the underlying UK and EU legal instruments for full detail; it does not itself set out new filing or reporting obligations for BVI licensees beyond continued compliance with the Syria sanctions regime as amended.

Applies to

credit institutions, financial institutions, BVI licensed financial services businesses

Deadlines

• 9 October 2013: Date the Syria (Restrictive Measures) (Overseas Territories) (Amendment) (No. 2) Order 2013 was ratified and extended to the BVI Territory.