The Tunisia (Restrictive Measures) (Overseas Territories) Order 2011 - Advisory Warning No. 4 of 2011 (16 June 2011)

Summary

This is an advisory warning issued by the BVI Financial Services Commission notifying the public and regulated persons that The Tunisia (Restrictive Measures) (Overseas Territories) Order 2011 applies in the Virgin Islands. The Order, which entered into force on 18 March 2011, implements EU restrictive measures targeting individuals and entities linked to the misappropriation of Tunisian state funds under former President Ben Ali's regime.

• Asset freeze: Funds, financial assets and economic resources belonging to or controlled by the designated persons and entities listed in the annex must be frozen.
• Prohibition on making funds available: No funds, financial assets or economic resources may be made available, directly or indirectly, to or for the benefit of designated persons or entities.
• Disclosure duty: Financial institutions must disclose to the appropriate authority any funds, financial assets or economic resources held for designated persons or entities.
• Designated persons list: The advisory reproduces the EU annex listing 48 named individuals (Ben Ali family members and associates) subject to the asset freeze.

The FSC advises that compliance with the Order is mandatory for the general public as well as all regulated and other persons operating in or from the BVI.

Key obligations

• Freeze funds, financial assets and economic resources belonging to or controlled by the designated persons and entities listed in the Order's annex.
• Do not make funds, financial assets or economic resources available, directly or indirectly, to or for the benefit of designated persons or entities.
• Financial institutions must disclose to the appropriate authority any funds, financial assets or economic resources they hold for designated persons or entities.

Applies to

regulated persons, financial institutions, general public

Deadlines

• 18 March 2011: Date on which The Tunisia (Restrictive Measures) (Overseas Territories) Order 2011 came into force and its requirements became effective.