UK Imposes New Sanctions on Russia and Iran; Introduces Reporting Requirements for Designated Persons
Recent Developments in Global Human Rights Sanctions Guidance
The British Virgin Islands Financial Services Commission (FSC) has issued a notice regarding recent developments in global human rights sanctions guidance, as required by Section 43 of the Sanctions and Anti-Money Laundering Act 2018.
UK’s Approach to Financial Sanctions
According to the guidance, the UK Secretary of State for Foreign and Commonwealth Affairs has provided information on the approach taken by the Office of Financial Sanctions Implementation (OFSI) to financial sanctions. This includes sector-specific and regime-specific guidance. The OFSI also provides a consolidated list of financial sanctions targets in the UK, which can be found on their website.
New Sanctions Against Russia
The UK has recently imposed new sanctions against Russia, including:
- A ban on ships
- Fresh financial measures
These sanctions are part of the country’s response to Putin’s illegal annexation of Ukrainian regions. The UK has also imposed sanctions on Belarus for its role in the Russian invasion of Ukraine.
Sanctions Against Iran
The Iran sanctions regime came into force on December 14, 2023, revoking and replacing the Iran (Human Rights) sanctions regime. The UK Sanctions List has been updated to reflect this change, and the new regulations aim to encourage the Government of Iran to comply with international human rights law and respect human rights.
Reporting Requirements for Designated Persons
On March 14, 2024, the Russia (Sanctions) (Overseas Territories) (Amendment) Order 2024 SI 2024 No. 370 came into force in the Virgin Islands, introducing new reporting requirements for designated persons under the Russia regime. A notice issued by the Governor’s Office is available on the FSC website.
Advice from the BVI FSC
The BVI FSC advises financial institutions and individuals to review these changes and ensure compliance with the latest sanctions regulations.