What Action Should Be Taken?

  1. Once a designation is made, in order to comply with the Financial Sanctions regime, all natural or legal persons, including relevant persons* and non-financial businesses* operating in or from within the Virgin Islands are required to:
    1. check whether they maintain any accounts or hold any funds or economic resources for the person(s) set out in the Annex to the relevant Notice;
    2. freeze such accounts, and other funds or economic resources;
    3. refrain from dealing with the funds or assets or making them available (directly or indirectly) to such persons unless licensed by the Governor;
    4. report any findings to the Sanctions Unit*, together with any additional information that would facilitate compliance with the Regulations;
    5. provide any information concerning the frozen assets of designated persons that the Sanctions Unit may request. Information reported to the Sanctions Unit may be passed on to other regulatory authorities or law enforcement.
  2. Failure to comply with financial sanctions legislation or to seek to circumvent its provisions is a criminal offence.
  3. All enquiries, reports and license applications should be addressed to:

Virgin Islands Sanctions Unit
Attorney General Chambers
TTT Building, Wickhams Cay I
Road Town, Tortola
British Virgin Islands
[email protected]

* “relevant person” means a person carrying on relevant business as defined in the Anti-Money Laundering Regulations, 2008.

* “non-financial business” means a business designated under the Non-financial Business (Designation) Notice, 2008.

* Pursuant to the Sanctions Delegation and Authorisation Notice SI 2024 No. 49 issued by the Governor’s Office and published in the Virgin Islands Official Gazette on 6th November 2024, the Governor has delegated to the Attorney General, certain powers, including but not limited to the following:

    1. receiving applications for (and information relating to) the grant or variation of a director disqualification licence, a financial sanctions licence or a trade licence to be issued by the Governor (with the consent of the Secretary);
    2. receiving reports relating to reporting obligations;
    3. implementing, monitoring compliance with and the detection of sanctions by exercising powers to request information, inspecting records regarding General Trade Licenses and disclosing information;
    4. implementing and enforcing General Licenses subject to the approval of the Governor and consent of the Secretary of State; and
    5. coordinating the publication of Overseas Territories Sanctions Orders.

The Notice may be found here: SI No 49 of 2024 - Notice - Sanctions Delegation and Authorisation