Who Are Subject to Financial Sanctions?

Financial Sanctions which are in effect, generally apply to:

  • Any person in the Virgin Islands;
  • Any person who is a British citizen, a British Overseas Territories citizen, a British subject, a British National (Overseas) or a British protected person who is ordinarily resident in the Virgin Islands;
  • A body incorporated or constituted under the laws of the Territory; and
  • any person on-board a ship or aircraft that is registered in the Territory.

The requirement of ensuring compliance with the obligations rests with the relevant entity or professional that is:

  • A body registered, incorporated or constituted under the laws of the Virgin Islands or any part of the Territory and supervised by the Financial Services Commission.(This includes all Financial Institutions);
  • A body registered, incorporated or constituted under the laws of the Virgin Islands or any part of the Territory and supervised by the Financial Investigation Agency. (This includes all Designated Non-Financial Businesses and Professions [DNFBPs] and Non-Profit Organisations [NPOs]; and
  • any person on-board a ship or aircraft that is registered in the Territory.

Accordingly, all relevant persons are required to fully comply with the obligations set out in the legislation and to ensure that it has in place appropriate risk based mechanisms, policies and procedures to assess applicants for business, customers and business relationships to determine whether they are under any sanctions imposed by the UN and EU which are extended to the Territory as Sanctions Orders by the UK through Orders in Council.

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If you have any questions, feel free to contact us.

Address :

PO Box 4090
Road Town, Tortola VG1110
BRITISH VIRGIN ISLANDS

Phone : (284) 494-1335

Fax: (284) 494-1435

Email : info@fiabvi.vg

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