Financial Sanctions in the British Virgin Islands

This document provides guidelines on the implementation of financial sanctions in the British Virgin Islands (BVI). Below is a summary:

Overview

Financial sanctions are measures imposed by governments or international organizations to restrict the activities of individuals, groups, or entities involved in terrorism, money laundering, and other illicit activities. The BVI has implemented various financial sanctions regimes, which are enforced through Orders in Council and Regulations.

Roles and Responsibilities

• The Governor’s Office is responsible for implementing financial sanctions measures.
• The Governor has the power to grant, vary, or revoke licenses; publish lists of designated persons and restricted goods; and delegate functions.
• Law enforcement agencies, such as the Financial Investigation Agency (FIA), may act on matters involving sanctions with delegated powers.

Sanctions Orders in Force

There are currently several financial sanctions regimes in force in the BVI, including:

• Counter-Terrorism Order 2019
• Terrorist Asset-Freezing etc. Order 2010
• UN Al-Qaida and Taliban Regulations 2002

These orders are enforced through various means, including licenses, asset freezes, and travel bans.

Key Points

• The BVI has implemented financial sanctions regimes to combat terrorism, money laundering, and other illicit activities.
• The Governor’s Office is responsible for implementing these measures, with delegated powers to law enforcement agencies.
• Sanctions Orders in force include those related to counter-terrorism, terrorist asset freezing, and UN-designated entities.