Sanctions Unit to Combat Illicit Finance in British Virgin Islands to Fall Under Attorney General’s Leadership

The British Virgin Islands has announced a six-month transition period for the establishment of a Sanctions Unit, which will be responsible for combating illicit finance and ensuring effective implementation and enforcement of sanctions issued by the United Kingdom. The unit will fall under the leadership of the Attorney General, with Kisha Frett serving as Sanctions Coordinator.

Background

The decision to establish a Sanctions Unit was first announced earlier this year by Deputy Premier and Minister for Financial Services, Labour and Trade, Honourable Lorna G. Smith, during the UK-OT Illicit Finance Dialogue. The British Virgin Islands co-chairs this dialogue with the United Kingdom, along with the Cayman Islands and Turks and Caicos Islands.

Purpose of the Sanctions Unit

The Sanctions Unit will work closely with partners across government and industry to ensure the effective implementation of sanctions issued by the United Kingdom. These sanctions are extended through the relevant Overseas Territories Orders in Council, which the British Virgin Islands complies with fully.

Key Responsibilities

• Ensure the effective implementation and enforcement of UK sanctions
• Work closely with partners across government and industry
• Combat illicit finance and maintain the reputation of the British Virgin Islands as a responsible financial jurisdiction

Transition Period

During the transition period, businesses are advised to direct all sanction queries and requests to the Governor’s Office at GOVOfficesanctions.tortola@fcdo.gov.uk. The unit is expected to be fully operational within six months.

Governor’s Statement

Governor Daniel Pruce emphasized the importance of sanctions in cutting off funding streams to the Putin regime and stopping those close to the regime from benefiting from Western services. He stated that with this new Sanctions Unit, the British Virgin Islands is taking a significant step towards combating illicit finance and maintaining its reputation as a responsible financial jurisdiction.

Conclusion

The establishment of the Sanctions Unit marks an important milestone in the British Virgin Islands’ efforts to combat illicit finance and maintain its commitment to responsible financial practices. With the unit’s full operationalization expected within six months, businesses can expect a seamless transition and continued cooperation with the government to ensure effective implementation and enforcement of UK sanctions.