BVI FSC reminds industry on sanctions obligations
23 May 2022
|
On 2 May 2022, the Financial Services Commission (FSC) and the Financial Investigation Agency (FIA) issued joint industry Circular No. 2, reminding entities licenced or otherwise authorised or approved to carry on business in and from within the BVI (the Relevant Entities), that as an Overseas Territory, the BVI is required to comply with all sanctions issued by the United Kingdom extended to it by way of the relevant Overseas Territories Sanctions Orders.
Additionally, the circular provides information and guidance in relation to the Relevant Entities sanctions obligations, including:
- Conducting Business
- Reporting
- Sanctions and Penalties
- Compliance
For more information Circular No. 2 can be found here.
Our blog post with the updated table on UK sanctions on Russia-Ukraine-Belarus, can be found here.
Authors
Related content
Regulatory Blog
Cyprus updates its 2023 lists of CRS reportable and participating jurisdictions
Regulatory Blog
Cayman widens the net but stops short of imposing public access with new Beneficial Ownership Transparency Bill, 2023
Regulatory Blog
BVI economic substance reporting changes and deadlines