Sanctions Screening and Monitoring: A Must for Businesses in British Virgin Islands

The Financial Sanctions regime has come into effect in the British Virgin Islands, mandating that all natural or legal persons operating within or from within the territory take specific actions to comply with the regulations.

Compliance Requirements

As of now, businesses are required to:

• Check whether they maintain any accounts or hold funds or economic resources for individuals listed on a designated annex
• Freeze such assets and refrain from dealing with them unless licensed by the Office of the Governor
• Report their findings to the Office of the Governor and provide additional information to facilitate compliance

Consequences of Non-Compliance

Failure to comply with financial sanctions legislation or attempts to circumvent its provisions can result in criminal charges. Businesses are urged to take immediate action to ensure they meet these requirements.

Reporting and Licensing

All enquiries, reports, and license applications should be directed to:

• The Office of the Governor
• Waterfront Drive, Road Town, Tortola VG1110, British Virgin Islands
• [email protected](mailto:[email protected])

Definitions

For the purpose of this notice: * “Relevant person” refers to an individual conducting a business defined in the Anti-Money Laundering Regulations, 2008 * “Non-financial business” is a company designated under the Non-Financial Business (Designation) Notice, 2008