Financial Crime World

Virgin Islands Tightens Sanctions Against Rogue Nations and Entities

The British Virgin Islands has strengthened its financial sanctions regime to target rogue nations and entities that pose a threat to global peace and security. The measures aim to prevent the flow of funds to individuals and organizations involved in terrorism, proliferation, and other harmful activities.

Implementing Financial Sanctions Measures

The Governor’s Office is responsible for implementing the financial sanctions measures, which include:

  • Freezing assets
  • Imposing trade restrictions
  • Prohibiting transactions with designated persons and entities

The Governor has the power to grant licenses to authorized parties to conduct specified activities, subject to the consent of the Foreign Secretary.

Enforcement and Compliance

Under the Sanctions Orders in Force, any person who makes funds or financial services available to a designated individual or entity without a license is guilty of an offence. The measures are enforced by:

  • Financial Investigation Agency (FIA)
  • Other law enforcement agencies
  • Attorney General’s Chambers

The AGC ensures that licenses required for entities affiliated with designated persons meet applicable legislation requirements and drafts relevant licenses for approval and signature.

Transparency and International Cooperation

The Virgin Islands has taken steps to ensure transparency, publishing lists of:

  • Designated persons
  • Restricted goods

on its official gazette and disseminating them to financial institutions and law enforcement agencies. The measures are in line with international best practices and aimed at preventing the misuse of the financial system by rogue nations and entities.

Key Sanctions Regimes in Force

The following sanctions regimes are currently in force:

  • Terrorist Asset-Freezing etc. Act 2010 (Overseas Territories) Order, 2011
  • Counter Terrorism Act 2008
  • Anti-Terrorism, Crime and Security Act 2001 (ATCSA 2001)
  • Sanctions and Anti-Money Laundering Act 2018

Next Steps

The Virgin Islands will continue to monitor the situation and update its sanctions regime as necessary. The government is committed to maintaining a robust financial sanctions framework that protects its financial system from abuse and supports international efforts to combat terrorism, proliferation, and other harmful activities.

For more information on the sanctions regimes in force in the British Virgin Islands, please visit: