The Iran (Restrictive Measures)(Overseas Territories)(Amendment) Order 2012 - Advisory Warning No. 19 of 2012 (11 September 2012)

Advisory Warning No. 19 of 2012

11 September, 2012

ADVISORY WARNING

The Iran (Restrictive Measures) (Overseas Territories) (Amendment) Order 2012

Tortola, British Virgin Islands – 11 September, 2012 – The British Virgin Islands Financial Services Commission (the “FSC”) wishes to advise the general public, including all regulated and other persons that they are required to comply with the requirements of The Iran (Restrictive Measures) (Overseas Territories) (Amendment) Order 2012 (the “2012 Order”).

The 2012 Order amends The Iran (Restrictive Measures) (Overseas Territories) Order 2011 (“the 2011 Order”). That 2011 Order gave effect in the Overseas Territories to the measures adopted by the European Union in Council Regulation (EU) No. 359/2011 (“the 2011 Regulation”) which imposed restrictive measures on certain persons complicit in human rights violations in Iran.

This 2012 Order gives effect to the amendments to the 2011 Regulation adopted by the Council of the European Union in Council Decision 2012/168 (CFSP) of 23 March, 2012 and implemented in Council Regulation (EU) No. 264/2012 (“the 2012 Regulation”) of 23 March, 2012. 

The amendments incorporate into the 2011 Regulation a prohibition on the sale, supply, transfer or export to Iran of equipment which may be used for internal repression. The amendments also introduce additional restrictive measures; namely a prohibition on the sale, supply, transfer or export of telecommunications monitoring equipment, technology or software to any person in Iran, or for use in Iran and related prohibitions on technical assistance, brokering services, financing and financial assistance.

The following is a link to the European Union website for the complete Council of the European Union in Council Decision 2012/168 of 23 March, 2012:

http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2012:087:0085...

The following is a link to the European Union website for the complete European Union in Council Regulation (EU) No. 264/2012 of 23 March, 2012:

http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2012:087:0026...

The following is a link to view the 2012 Order in its entirety:

http://www.legislation.gov.uk/uksi/2012/1389/pdfs/uksi_20121389_en.pdf