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OFAC Sanctions List Updates in BVI

The British Virgin Islands (BVI) Financial Services Commission has announced updates to the Office of Foreign Assets Control (OFAC) sanctions list, effective immediately.

Updates to the OFAC Sanctions List

According to the BVI FSC, the updated sanctions list includes new designations and removals of individuals and entities subject to US economic sanctions. The changes are part of a regular review process to ensure the accuracy and effectiveness of the sanctions program.

New Designations and Removals

  • New designations: Certain individuals and entities have been added to the OFAC sanctions list, subjecting them to US economic sanctions.
  • Removals: Some previously designated individuals and entities have been removed from the OFAC sanctions list.

Availability of the Updated Sanctions List

The updated sanctions list is now available on the BVI FSC website. Financial institutions and other regulated entities are required to conduct enhanced due diligence on their customers and business relationships to prevent any potential breaches of the sanctions regime.

Obligations Under UK Financial Sanctions Legislation

The BVI FSC has also reminded licensed and registered entities of their obligations under the Financial Sanctions (Consequential Amendments) (British Overseas Territories) Order 2022, which extends UK financial sanctions legislation to the BVI.

Key Takeaways

  • The updated OFAC sanctions list is now available on the BVI FSC website
  • Licensed and registered entities must conduct enhanced due diligence on customers and business relationships
  • The BVI FSC has extended UK financial sanctions legislation to the BVI under the Financial Sanctions (Consequential Amendments) (British Overseas Territories) Order 2022

Next Steps

Financial institutions and other regulated entities should review the updated sanctions list and ensure they are compliant with all relevant regulations. The BVI FSC will continue to monitor the situation and provide updates as necessary.

Contact Information

For more information, please contact the BVI Financial Services Commission at info@bvifsc.vg or (284) 494-1324.