The Zimbabwe (Sanctions) (Overseas Territories) (Suspension and Amendment) - Advisory Warning No. 14 of 2014 (2014-08-13)

Summary

This is an informational advisory notice from the BVI Financial Services Commission alerting the public and industry that the Zimbabwe (Sanctions) (Overseas Territories) (Suspension and Amendment) Order 2013 has been extended to the British Virgin Islands. The Order suspends most of the financial sanctions provisions that had applied against Zimbabwe under the earlier 2012 Order, following a 2013 EU Council Decision recognising positive political developments in Zimbabwe.

• What the Order does: Suspends, for the majority of designated persons and entities, the financial sanctions provisions of the Zimbabwe (Sanctions) (Overseas Territories) Order 2012 that gave effect to EU sanctions against Zimbabwe
• Minor amendments: The Order also makes minor corrections to the principal 2012 Order
• Review cycle: The EU Council of the European Union stated it will review the suspension every three months
• Reference sources: Full text of the EU Council Decision 2013/160/CFSP and the UK Order (S.I. 2013 No. 1446) are provided via linked URLs for reference

The advisory is purely informational and does not itself impose new compliance obligations on regulated entities beyond continuing to observe applicable sanctions regimes; firms should be aware that the scope of suspended sanctions may affect due diligence and screening against the Zimbabwe sanctions list.

Applies to

Regulated entities of the BVI Financial Services Commission (financial services businesses subject to international sanctions compliance)