Memorandum of Understanding Between Authorities on the Implementation of Sanctions Regimes in the Virgin Islands

Summary

This is a Memorandum of Understanding (MOU) among Virgin Islands government authorities, including the Governor's Office, Attorney General's Chambers, Financial Services Commission, Financial Investigation Agency, Office of the Director of Public Prosecutions, Royal Virgin Islands Police Force, Department of Immigration, VI Shipping and Maritime Authority, Department of Trade Investment Promotion and Consumer Affairs, BVI Airports Authority, BVI Ports Authority and His Majesty's Customs. It establishes a framework for cooperation and information exchange between these authorities to implement domestic and international sanctions regimes (financial, trade, immigration and transport sanctions). It does not impose obligations on private sector entities such as banks or licensees; it governs inter-agency cooperation only.

• Purpose: Foster cooperation between the listed government authorities to fulfil national and international sanctions obligations, including asset freezing, trade prohibitions, travel bans and transport restrictions against designated persons.
• Information exchange: Authorities may share information spontaneously (within 24 hours of considering it useful) or upon written request, following a specified request and confirmation process.
• Confidentiality: Information exchanged under the MOU must be treated as strictly confidential and used only for the purpose for which it was requested or provided, absent prior written consent.
• Governance: A Sanctions Committee, chaired by a Sanctions Coordinator, may be convened to address sanctions breaches; amendments require agreement of two-thirds of the Authorities.
• Non-binding effect: The MOU explicitly states it does not create legally binding obligations or supersede any Authority's own legal framework; Authorities agree only to use best efforts to comply.

The MOU takes effect once signed by all listed Authorities (or on the date the last Authority signs, if signed on different dates) and may be terminated in writing by agreement of two-thirds of the Authorities, with termination effective two months later.

Key obligations

• An Authority receiving information it considers useful to another Authority must forward it spontaneously and without delay, and in any case not later than 24 hours after considering it useful
• Upon receipt of a written information request, the second Authority must confirm receipt in writing within 24 hours and advise whether it can process the request
• If a written request cannot be processed within two working days, the second Authority must provide a reason and a projected timeframe for response, and update the requesting Authority before that timeframe expires if it cannot meet it
• Authorities must record and maintain details of any informal exchange of information, including date, nature and subject matter, and the Authority involved
• Authorities must treat all information provided or obtained under the MOU as strictly confidential and not use or release it for purposes other than those for which it was requested or provided without prior written consent
• Authorities must notify each other of any change to their designated contact details within two days of the change

Applies to

Governor's Office, Attorney General's Chambers, Financial Services Commission, Financial Investigation Agency, Office of the Director of Public Prosecutions, Royal Virgin Islands Police Force, Department of Immigration, Virgin Islands Shipping and Maritime Authority, Department of Trade, Investment Promotion & Consumer Affairs, BVI Airports Authority, BVI Ports Authority, His Majesty's Customs

Deadlines

• within 24 hours: An Authority must forward spontaneously-shared useful information to another Authority within 24 hours of considering it useful
• within 24 hours: The second Authority must confirm receipt of a written information request in writing within 24 hours
• two working days: If the second Authority cannot process a written request within two working days, it must provide a reason and projected timeframe for response
• within two (2) days of any change: Authorities must notify each other of any change to their designated contact details
• end of two (2) months after the date of termination in writing: Termination of the MOU becomes effective two months after written notice of termination, if two-thirds of Authorities agree