Regulation
The Restrictive Measures (Amendment) (Overseas Territories) Order 2012 (S.I. 2012/362)
Amends The Syria (Restrictive Measures) (Overseas Territories) Order 2011 (SI 2011/1678)View on FSC's website Source document
Summary
This UK Order in Council makes technical amendments to a series of existing sanctions and restrictive measures orders that extend to the British Virgin Islands and other Overseas Territories. It updates references to the territory formerly called St Helena and Dependencies to its correct current name, St Helena, Ascension and Tristan da Cunha, following a 2009 constitutional name change, and it revokes four obsolete sanctions instruments that have ceased to have effect.
- Terminology correction: In the instruments listed in Schedule 1, replaces various spellings of St Helena and Dependencies with St Helena, Ascension and Tristan da Cunha wherever it occurs.
- Schedule updates: In the instruments listed in Schedule 2, replaces St Helena with the new name and removes references to St Helena Dependencies in Schedule 1 of those instruments.
- Further correction: In the instruments listed in Schedule 3, replaces St Helena, Ascension Island and Tristan da Cunha with the standardised name St Helena, Ascension and Tristan da Cunha.
- Revocations: Revokes four historic sanctions orders listed in Schedule 4 covering Serbia and Montenegro, Libya, Haiti and a general UN arms embargoes order, as they have ceased to have effect.
The Order is purely a housekeeping amendment to the underlying sanctions legal framework; it does not itself impose new substantive obligations on financial institutions, but firms relying on the amended instruments for sanctions screening should note the updated territorial name and the revoked instruments.
Deadlines
- 8th March 2012: Date the Order comes into force