Advisory Warning No. 5 of 2017 - The Terrorist Asset-Freezing etc. Act 2010 (Overseas Territories) (Amendment) Order 2017 (5 April 2017)

ADVISORY WARNING

The Terrorist Asset-Freezing etc. Act 2010 (Overseas Territories) (Amendment) Order 2017

(U.K.S.I. 2017 No. 157)

The British Virgin Islands Financial Services Commission (the “FSC”) is advising the public that on 8th March 2017, The Terrorist Asset-Freezing etc. Act 2010 (Overseas Territories) (Amendment) Order 2017 (the “Order”) was ratified and extended to the Territory.

NOTICE IS HEREBY GIVEN that this Order has been extended to the Territory by virtue of Schedule 1 to the Terrorist Asset-Freezing etc. Act 2010 (Overseas Territories) Order 2011 (the “Principal Order”).

AND NOTICE IS FURTHER GIVEN that this Order amends the Terrorist Asset-Freezing etc. Act 2010 (Overseas Territories) Order 2011 (S.I. 2011/750) (as amended) (“the principal Order”). The principal Order extends, with modifications, Part 1 of the Terrorist-Asset Freezing etc. Act 2010 (“the Act”) to the Overseas Territories. The amendments in article 4(3) alter the definition of “designated person” in the principal Order so this includes:

(a)   persons designated by the Treasury under Part 1 of the Act as it applies in the United Kingdom;

(b)  persons designated by the Council of the European Union under Article 2(3) of Council Regulation (EC) 2580/2001 of 27 December 2001; and

(c)   persons designated by the Governor of an Overseas Territory.

Such persons will be subject to the asset freeze regime provided for in the principal Order.

The amendments in article 4(4) to (6) introduce requirements for the Governor to consult the Secretary of State before designating any person under the Act (as extended by the principal Order). The amendments in article 4(8) introduce requirements for the Governor to consult the Treasury before granting, varying or revoking a licence in respect of a person described in paragraphs (a) and (b) above, and to consult the Secretary of State before granting, varying or revoking a licence in respect of a person described in paragraph (c) above.

The Order also makes other minor amendments to the principal Order.

The Terrorist Asset-Freezing etc. Act 2010 (Overseas Territories) Order 2011 (the “Principal Order”):

http://www.legislation.gov.uk/uksi/2011/750/made

The Terrorist Asset-Freezing etc. Act 2010 (Overseas Territories) (Amendment) Order 2017 (the “Order”)

http://www.legislation.gov.uk/uksi/2017/157/made

The European Union in Council Regulation (EC) 2580/2001 of 27th December, 2001 may be viewed in its entirety at the following URL:

http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2001:344:0070...