Legislative Framework

In the context of the Territory, there are various instruments through which the VI implements targeted financial sanctions among which include the following:

• Afghanistan (United Nations Measures)(Overseas Territories) Order, 2012
• The Anti-Terrorism (Financial and Other Measures) (Overseas Territories) Order, 2002
• Anti-money Laundering Regulations, 2008
• Anti-money Laundering and Terrorist Financing Code of Practice, 2008
• Chemical Weapons (Overseas Territories) Order, 2005
• Chemical Weapons (Sanctions) (Overseas Territories) Order, 2018
• The Democratic People’s Republic of Korea (Sanctions) (Overseas Territories) Order 2012
• The Democratic People’s Republic of Korea (Sanctions) (Overseas Territories) (Amendment) (No. 2) Order 2016
• The Iran (Sanctions) (Overseas Territories) Order 2016
• The ISIL (Da'esh) and Al-Qaida (Sanctions)(Overseas Territories) Order 2016
• The Policing and Crime Act (Financial Sanctions) (Overseas Territories) Order, 2017
• The Terrorism (United Nations Measures) (Overseas Territories) Order, 2001
• The Terrorist Asset-Freezing etc. Act 2010;
• The Terrorist Asset-Freezing etc. Act 2010 (Overseas Territories) Order 2011
• Terrorist Asset Freezing etc. Act 2010 (Overseas Territories) (Amendment) Order 2017

These instruments require persons to take the necessary action to (among others) freeze the funds/assets of designated persons and entities. Failure to comply with restrictions and prohibitions in relation to sanctions imposed under the relevant UK Orders in Council applicable to the VI constitutes an offence which may result in the imposition of penalties or imprisonment when a conviction is secured.