The Syria (Restrictive Measures) (Overseas Territories) (Amendment) (No. 2) Order 2013 (S.I. 2013/2598)

Summary

This UK Order in Council further amends the Syria (Restrictive Measures) (Overseas Territories) Order 2012, which applies EU Syria sanctions to specified British Overseas Territories including the British Virgin Islands. It implements changes made by EU Council Regulation (EU) No 697/2013 by introducing a licensing mechanism for certain activities that are otherwise prohibited under the sanctions regime.

• Licensing power: The Governor, with the consent of the Secretary of State, may grant licences permitting activities that would otherwise breach the sanctions, under articles 11, 17 and 37 of the principal Order.
• Areas covered by exemptions: The licence exemptions relate to the importation of crude oil and petroleum products from Syria, the financing of certain enterprises, and the opening by credit or financial institutions of new bank accounts or representative offices in Syria.
• Effect on prohibitions: Where a person acts under the authority of such a Governor granted licence, the relevant prohibitions in articles 17 and 37 do not apply to that activity.

The Order does not remove the underlying Syria sanctions but creates a route for the Governor to authorise specific transactions that would otherwise be prohibited. Financial institutions and other persons operating in or through the affected territories should continue to observe the Syria sanctions regime and may seek a Governor granted licence for the newly exempted categories of activity.

Key obligations

• Persons wishing to undertake the newly exempted activities (importing Syrian crude oil or petroleum products, financing certain enterprises, or opening new bank accounts or representative offices in Syria) must obtain a licence from the Governor, granted with the consent of the Secretary of State, before proceeding.
• Entities must continue to comply with the underlying prohibitions of the Syria (Restrictive Measures) (Overseas Territories) Order 2012 except to the extent covered by a Governor granted licence.

Applies to

credit institutions, financial institutions, persons subject to the Syria (Restrictive Measures) (Overseas Territories) Order 2012 in the specified Overseas Territories

Deadlines

• 6th November 2013: Date on which this amending Order comes into force