The Zimbabwe (Sanctions)(Overseas Territories) Order 2012 - Advisory Warning No. 11 of 2013 (13 March 2013)

Summary

This is an Advisory Warning issued by the BVI Financial Services Commission notifying the public and industry that The Zimbabwe (Sanctions) (Overseas Territories) Order 2012 [U.K.S.I. 2012 No. 2753] was ratified on 7 February 2013 and extended to the British Virgin Islands. The Order gives effect locally to EU restrictive measures against Zimbabwe under Council Decision 2011/101/CFSP, as amended, and replaces four earlier UK statutory instruments on the same subject.

• Arms embargo: Prohibits the sale or supply to Zimbabwe of arms and related materiel, including equipment usable for internal repression.
• Assistance ban: Prohibits supplying technical assistance, training, financial and other specified forms of assistance connected to such materiel.
• Asset freeze: Freezes funds and economic resources owned or controlled by EU designated persons or entities.
• Funds prohibition: Prohibits making funds or economic resources available to designated persons or entities.
• Superseded orders: Revokes and replaces the 2002, 2002 (amendment), 2004 (amendment) and 2005 (amendment) Overseas Territories (Zimbabwe) (Restrictive Measures) Orders.

The notice is informational, alerting regulated entities to the new sanctions instrument and its substantive prohibitions; it does not itself prescribe a filing or reporting mechanism but entities remain subject to the underlying sanctions obligations under the Order.

Key obligations

• Entities must not sell or supply arms or related materiel to Zimbabwe, including equipment that could be used for internal repression
• Entities must not supply technical assistance, training, financial or other specified assistance related to such materiel to Zimbabwe
• Entities must freeze funds and economic resources owned or controlled by EU designated persons or entities under the Order
• Entities must not make funds or economic resources available to persons or entities designated under the Order

Applies to

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