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The financial sanctions under each of the UK Regulations have been extended to the Virgin Islands by virtue of Orders in Council.
For example, Section 2 of The Democratic People’s Republic of Korea (Sanctions) (Overseas Territories) Order 2020 provides that the Democratic People’s Republic of Korea (Sanctions) (EU Exit) Regulations 2019 have been extended to each British Overseas Territory and is therefore applicable.
These instruments provide for the legislative framework which enables the relevant authorities to take the necessary action to, among other things, freeze the funds/assets of designated persons and entities. Failure to comply with restrictions and prohibitions in relation to sanctions imposed under the relevant UK Regulations applicable to the Virgin Islands constitutes an offence which may result in the imposition of penalties or imprisonment when a conviction is secured.