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.