|Isle of Man||Italy|
Yes. As a British Overseas Territory, the British Virgin Islands implements the international sanctions obligations of the UK. Typically, this is effected by means of an Order in Council applying the relevant sanctions.
Sanctions which are in effect generally apply to:
Though the UK is an EU member state and a member of the UN, the British Overseas Territories (excluding Gibraltar) are not. The British Virgin Islands is nevertheless subject to the UK’s foreign policy which implements the EU’s Common Foreign and Security Policy and supports the UN’s sanctions regime. As such, UN and EU sanctions regimes have been substantially implemented and are observed in the British Virgin Islands.
As a British Overseas Territory, the British Virgin Islands must implement all international sanctions that are extended to it through legislative action by the UK government.
As well as following the sanctions put in place by the UN and EU, the British Virgin Islands has an autonomous terrorist sanctions regime and has powers over the regulated sector under:
The most frequently applied measures are:
In general terms, it is a criminal offence to:
No express obligation is imposed under the laws of the British Virgin Islands for any authority in the British Virgin Islands to maintain a list, but the Governor of the British Virgin Islands would be aware of the lists referred to in the next paragraph.
Yes. The lists generated by HM Treasury, which includes the Home Office and the Department for Business, Innovation and Skills in the UK are relevant.
Yes. Exceptions to sanctions are permitted in certain specified circumstances, but only with the express authorisation of the Governor of the British Virgin Islands.
It is a criminal offence to breach a financial sanction without an appropriate licence or authorisation. The penalties for breaching sanctions can vary across the various regimes, however, in general terms, any individual found guilty of an offence shall be liable on conviction to imprisonment and/or a fine.
Corporate entities acting in breach of financial sanctions can also commit a criminal offence and be liable to a fine. Where an offence has been committed by a corporate body and is proven to have been committed with the consent or connivance of, or neglect on the part of, a director, manager, secretary or similar officer of the corporate body, or any individual who was purporting to act in any such capacity, that individual, as well as the corporate body, is guilty of an offence and can be imprisoned or fined.
The amount of the fine and the length of the term of imprisonment, if any, will depend on the nature of the offence and on which statue or code applies. For example, any individual found guilty of an offence under the Anti-Money Laundering and Terrorist Financing Code of Practice 2008 (as amended) for dealings with a terrorist organisation is liable on conviction to a fine of up to $70,000.
If the dealings in question are caught by the Proliferation Financing (Prohibition) Act 2009, the maximum penalty is $40,000, unless the British Virgin Islands Financial Investigation Agency presents a higher penalty to the High Court and the High Court confirms or varies the penalty presented.
A person who fails to comply with a requirement imposed by a direction under the Act is liable, on summary conviction, to a fine of not more than $50,000 or, on conviction on indictment, to a fine not exceeding $70,000 and/or imprisonment for up to 3 years.
The British Virgin Islands Financial Services Commission (“FSC”) is an autonomous regulatory authority responsible for the regulation, supervision and inspection of all financial services in and from within the British Virgin Islands. Its responsibilities include policing the perimeter of regulated activity and reducing financial crime (including cross-border white-collar crime).
PO Box 418
Tortola, VG 1110
British Virgin Islands
T: (+1) 284 494 1324
F: (+1) 284 494 5016
The Joint Anti-Money Laundering and Terrorist Financing Advisory Committee, established under the Proceeds of Criminal Conduct Act, 1997, as amended, is responsible for advising the FSC on initiatives for the prevention and detection of money laundering and terrorist financing activities and may on its own motion provide such other advice as it considers essential to the British Virgin Islands’ efforts to combat such activities effectively. The Committee is comprised of not less than seven and not more than fourteen members who are appointed by the Minister, on the advice of the Attorney General and the Managing Director of the FSC and the latter acts as Chairman of the Committee.
The British Virgin Islands Financial Investigation Agency (“FIA”) is an autonomous law enforcement agency, generally responsible for the investigation of money laundering and terrorist financing activities and other serious financial crimes taking place in or from within the British Virgin Islands. Its responsibilities include processing requests for legal assistance from authorities in foreign jurisdictions as well as receiving and investigating all disclosure of information required to be made under relevant financial services legislation (including suspicious activity reports and disclosure from foreign authorities).
P.O. Box 4090
British Virgin Islands
The FIA is guided by a Board comprised of the Deputy Governor (as Chairman), the Attorney General, the Financial Secretary, the Commissioner of Police, the Commissioner of Customs, the Managing Director of the FSC and the Director of the FIA. The Board is essentially responsible for forming or setting the policy of the FIA. A Steering Committee (comprised of the Attorney General, the Managing Director of the FSC and the Director of the FIA) is responsible for dealing with and issuing directives in respect of all suspicious activity reports.
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