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Governor’s Office Plays Key Role in Implementing Financial Sanctions Measures
The Governor’s Office has been identified as the competent authority responsible for implementing financial sanctions measures in the Virgin Islands.
Obligations and Powers of the Governor
Under each Order in Council, the Governor is required to adhere to certain obligations, including:
- Cooperating with international investigations related to funds of designated persons
- Publishing lists of designated individuals and restricted goods
- Granting, varying, or revoking licenses
- Delegating powers to other agencies
Additional Powers and Duties
The Governor also has a range of powers and duties in relation to the administration of financial sanctions measures, including:
- Authorizing persons to exercise enforcement and evidence-gathering powers
- Disclosing information to relevant authorities
- Directing that funds not be made available to certain individuals suspected of participating in acts of terrorism
Offences
According to sources, any person who makes funds or financial services available directly or indirectly to a designated person or entity without a license is guilty of an offence.
Delegation of Powers
The Governor’s Office has delegated powers to law enforcement agencies such as the Financial Investigation Agency (FIA) to carry out certain functions related to sanctions. However, it is noted that the Virgin Islands does not have the power to designate individual entities, and any designations are made by the Foreign and Commonwealth Office (FCO) in consultation with the Secretary of State.
Sanctions Regimes
A number of financial sanctions regimes are currently in force in the Virgin Islands, including those related to terrorism financing and proliferation. The Governor’s Office publishes a list of these sanctions regimes on its website, as well as disseminating it to other relevant authorities such as the Financial Investigation Agency and the Financial Services Commission.
Role of the Attorney General’s Chambers
The Attorney General’s Chambers (AGC) also plays a crucial role in relation to sanctions, responsible for:
- Drafting legislation to give effect to sanctions lists
- Supporting the Governor’s Office in licensing requirements for entities affiliated with designated persons
Conclusion
In light of these developments, it is clear that the Governor’s Office has a critical role to play in ensuring compliance with financial sanctions measures in the Virgin Islands.