Key reporting details for BVI:

• Who must report: Any person or entity in the BVI holding, controlling or managing funds or economic resources of UK-designated persons. This includes assets located both inside and outside the BVI.
  Note: Assets frozen solely under other sanctions regimes (eg, OFAC) are excluded.
• Reference date: Close of business on 30 September 2025.
• Submission deadline: Reports must be submitted by 30 November 2025.

How to File:

• Use the BVI Compliance Reporting Form, which includes a dedicated section for frozen assets.
• Submit completed forms to the Sanctions Unit, Attorney General’s Chambers via email: sanctions@gov.vg.
• Refer to the Virgin Islands Sanctions Guidelines for detailed instructions on freezing obligations, reporting standards, and required supporting information:
  • Sanctions Guidelines (Revised December 2024)
  • Compliance Reporting Form
  • UK Template Reporting Form

Key considerations:

• Reporting frozen assets is a statutory requirement under BVI sanctions legislation.
• Failure to report or submitting inaccurate reports may constitute an offence.
• Entities should maintain robust screening processes and promptly freeze any funds or economic resources of designated persons.

Stakeholders must:

• Review their client base and accounts for any exposure to UK-designated persons.
• Confirm that asset-freezing controls are operating effectively.
• Prepare the report: Start gathering the data as of 30 September 2025 and submit the required report by 30 November 2025.
• Seek guidance if you are unsure about your reporting scope or obligations.

Stay compliant and ensure your reports are submitted on time to avoid penalties.