Friday, May 11, 2012

Commission Publishes Restrictive Measures Concerning Iran and Libya

The British Virgin Islands Financial Services Commission has published Advisory Warnings concerning the requirement for the public to comply with the requirements of The Iran (Restrictive Measures) (Overseas Territories) Order 2011, and The Libya (Restrictive Measures) (Overseas Territories) (Amendment) Order 2011.

The Order concerning Iran came into force on 16 December, 2011, and was made as a result of the European Union in Council Decision 2011/235/CFSP on 12 April, 2011, calling upon member states to freeze the funds and economic resources, of certain persons responsible for human rights violation in Iran. The Amendment Order on Libya came into force of 18 November, 2011, as a result of the United Nations Security Council Resolution 2009 (2011) adopted on 16 September, 2011, which called to apply certain measures to give effect to decisions of that Council in relation to Libya.

The Amended Orders include the full list of designated persons in each of the two countries to whom the measures concern.

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