The Yemen (Sanctions) (Overseas Territories) (No.2) Order 2015 - Advisory Warning No. 4 of 2015 (16 December 2015)

Summary

This is an advisory notice from the BVI Financial Services Commission informing the public and industry that the Yemen (Sanctions) (Overseas Territories) (No.2) Order 2015 (UK S.I. 2015 No. 1381) was ratified and extended to the British Virgin Islands on 18 June 2015. The Order gives effect in the Territory to United Nations Security Council sanctions on Yemen and mirrors related EU measures, and it revokes and replaces the earlier Yemen (Sanctions) (Overseas Territories) Order 2015.

• Asset freeze and assistance ban: Prohibits providing assets or assistance to persons or entities designated by the UN Security Council as threatening the peace, security or stability of Yemen, or to those acting on their behalf.
• Travel ban: Imposes a travel ban on designated individuals under UNSC resolutions 2140 (2014) and 2204 (2015).
• Arms embargo: Adds an arms embargo in relation to designated individuals and entities in Yemen, and those acting on their behalf, under UNSC resolution 2216 (2015).
• Licensing exemptions: Allows the Governor to license certain otherwise-prohibited activities in line with exemptions under the sanctions regime.

The notice does not create new filing or reporting deadlines for licensees but flags an ongoing compliance requirement to observe the sanctions regime and check counterparties against the relevant designated persons lists.

Key obligations

• Must not provide funds, economic resources or assistance to persons or entities designated under UNSC resolutions 2140 (2014), 2204 (2015) or 2216 (2015) relating to Yemen, or to those acting on their behalf.
• Must observe the asset freeze applicable to designated Yemen-related persons and entities.
• Must not facilitate travel by individuals designated under the Yemen sanctions regime.
• Must comply with the arms embargo covering designated individuals and entities in Yemen and their agents.
• Any party seeking to undertake activity that would otherwise be prohibited must obtain a licence from the Governor under the exemptions in the Order.

Applies to

banks, trust and corporate service providers, insurance entities, investment business entities, money services businesses, general public and industry practitioners