Financial Crime World

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OFAC Sanctions List Updates: British Virgin Islands

The Office of Financial Assets Control (OFAC) has recently updated its sanctions list, affecting individuals and entities in the British Virgin Islands. As a result, businesses operating in the territory must take immediate action to ensure compliance with the new regulations.

What are Sanctions?

Sanctions are restrictive measures imposed by governments or international organizations to achieve specific foreign policy or national security objectives. They can include financial sanctions, trade embargoes, and travel bans, limiting access to certain resources and services.

Why are Financial Sanctions Used?

Financial sanctions are typically used to coerce regimes or individuals into changing their behavior by increasing the cost of offending actions. They can also be used to constrain targets by denying them access to key resources needed to continue their activities, signal disapproval, or protect misappropriated assets.

Who is Subject to Financial Sanctions in the British Virgin Islands?

Financial sanctions apply to:

  • Any person resident in the British Virgin Islands
  • British citizens, Overseas Territories citizens, subjects, and protected persons who are ordinarily resident in the territory
  • Bodies incorporated or constituted under the laws of the British Virgin Islands
  • Individuals on-board ships or aircraft registered in the territory

What should you do?

To comply with financial sanctions regulations, relevant persons and Non-Profit Organizations operating in the British Virgin Islands must:

Key Compliance Steps

  • Check if they maintain accounts or hold funds for designated individuals or entities
  • Freeze such accounts and other economic resources
  • Refrain from dealing with frozen assets or making them available to designated parties unless licensed by the Office of the Governor
  • Report findings to the Office of the Governor and provide additional information as requested

Consequences of Non-Compliance

Failure to comply with financial sanctions legislation is a criminal offense. All enquiries, reports, and license applications should be addressed to:

The Office of the Governor

  • Waterfront Drive
  • Road Town, Tortola VG1110
  • British Virgin Islands [email address]