The British Virgin Islands Financial Services Commission (FSC) and the Financial Investigation Agency (FIA) have published updated Virgin Islands Sanctions Guidelines, clarifying reporting requirements under the newly established Sanctions Unit within the Attorney General’s Chambers and reflecting expanded roles for competent authorities and law enforcement in the application of sanctions measures. The Guidelines explain how the Governor, as the competent authority for implementing financial sanctions, has delegated functions to the Attorney General’s Chambers for receiving and processing licensing applications and for issuing and enforcing general and specific licences under the UK Sanctions Regime. They also set out delegated investigative and enforcement powers for the FIA, and the delegation to the FIA and the FSC to publish and maintain an up-to-date list of designated persons and entities. The Sanctions Unit is positioned as the main point of contact for executing delegated powers, including requesting information, inspecting records and disclosing information, and the Guidelines provide practical instructions on how to report suspected sanctions breaches, including submission methods, forms and required information. They also describe the process for proposing designations under the Counter-Terrorism Act, 2021, and summarise key reporting obligations for financial institutions and designated non-financial businesses and professions, including prohibitions, offences and penalties under the Counter-Terrorism Act, 2021 and the Proliferation Financing (Prohibition) Act, 2021, as well as the process for delisting petitions under United Nations and UK domestic sanctions regimes.
British Virgin Islands Financial Services Commission 2025-02-14
British Virgin Islands Financial Services Commission and Financial Investigation Agency publish updated Virgin Islands Sanctions Guidelines clarifying reporting and licensing under the new Sanctions Unit
The British Virgin Islands Financial Services Commission and the Financial Investigation Agency have issued updated Virgin Islands Sanctions Guidelines, detailing reporting requirements under the new Sanctions Unit within the Attorney General’s Chambers. The Guidelines clarify the delegation of functions to the Attorney General’s Chambers and the FIA, including licensing, enforcement, and maintaining a list of designated entities. They outline reporting obligations and processes under the Counter-Terrorism Act, 2021, and the Proliferation Financing (Prohibition) Act, 2021.