The Syria (Restrictive Measures)(Overseas Territories) Order 2012 - Advisory Warning No. 23 of 2012 (2012-10-12)

Summary

This is an Advisory Warning issued by the BVI Financial Services Commission notifying the public and regulated persons of the Syria (Restrictive Measures) (Overseas Territories) Order 2012, which extends EU sanctions on Syria to the British Virgin Islands. The 2012 Order replaces and revokes the earlier 2011 Order, giving effect to updated EU Council Decision 2011/782/CFSP and EU Council Regulation No. 36/2012.

• Asset freeze: Freezes assets of persons responsible for violent repression against the Syrian population, persons/entities benefiting from or supporting the Assad regime, and associated persons/entities listed in Annexes II and IIa to the EU Council Regulation.
• Arms embargo: Prohibits provision of specified equipment, goods and technology that could be used for internal repression or arms.
• Trade restrictions: Restricts trade in software, crude oil, petroleum products, Syrian banknotes and coins, gold, precious metals, diamonds, and luxury goods.
• Financial services restrictions: Imposes restrictions on the provision of financial services connected to the sanctioned activities and persons.

The advisory directs the general public and all regulated and other persons in the BVI to comply with these requirements and provides links to the underlying EU Decision, EU Regulation, and the full text of the 2012 Order for reference.

Key obligations

• Regulated and other persons must comply with the asset freeze on persons and entities responsible for or supporting violent repression in Syria as listed in Annexes II and IIa to EU Council Regulation No. 36/2012.
• Regulated and other persons must comply with the arms embargo and trade restrictions on specified equipment, goods, technology, software, crude oil, petroleum products, Syrian banknotes and coins, gold, precious metals, diamonds, and luxury goods.
• Regulated and other persons must comply with restrictions on the provision of financial services connected to sanctioned Syrian persons, entities, or activities.

Applies to

regulated persons, general public