Saturday, May 07, 2011

BVI FSC Published Press Releases on the Tunisia and Libya (Restrictive Measures) Orders

The British Virgin Islands Financial Services Commission advised the members of the public that The Tunisia (Restrictive Measures) (Overseas Territories) Order 2011 came into force on 18 March, 2011, and The Libya (Restrictive Measures) (Overseas Territories) Order 2011 (the “Order”) came into force on 9 April, 2011.

The Order on Tunisia was made as a result of the European Union in Council Decision 2011/72/CFSP on 31 January, 2011 and implemented in the European Union Council Regulation (EU) No. 101/2011 that was adopted on 4 February, 2011 and called upon member states to introduce restrictive measures on certain persons, entities and bodies responsible for the misappropriation of Tunisian State funds. The measures stated in the Order include: prohibition on making available funds, financial assets or economic resources to designated persons, entities and bodies, freezing of these funds, and their disclosure by financial institutions. By virtue of Schedule 1 of the Order, it is extended to the Virgin Islands.

The Libya (Restrictive Measures) (Overseas Territories) Order 2011 was made as a result of the United Nations Security Council Resolution 1970 (2011) adopted on 26 February, 2011 and Resolution 1973 (2011) adopted on 17 March, 2011 which called upon member states to apply certain measures to give effect to decisions of that Council in relation to Libya. The Order introduced restrictive measures in respect on Libya as a result of the continuing serious violations of human rights and international humanitarian law in the country. Among the measures there is a prohibition on the supply or export of arms, and on making available funds, financial assets or economic resources to designated persons and entities. The Order is extended to the Virgin Islands by virtue of Schedules 1 and 2.

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