What Action Should Be Taken?
- Once a designation is made, in order to comply with the Financial Sanctions regime, , all natural or legal persons, including relevant persons* and non-financial businesses* operating in or from within the Virgin Islands are required to:
- check whether you maintain any accounts or hold any funds or economic resources for the persons set out in the Annex to this Notice;
- freeze such accounts, and other funds or economic resources;
- refrain from dealing with the funds or assets or making them available (directly or indirectly) to such persons unless licensed by the Office of the Governor;
- report any findings to the Office of the Governor, together with any additional information that would facilitate compliance with the Regulation;
- provide any information concerning the frozen assets of designated persons that the Governor’s Office may request. Information reported to the Governor’s Office may be passed on to other regulatory authorities or law enforcement.
- Failure to comply with financial sanctions legislation or to seek to circumvent its provisions is a criminal offence.
- All enquiries, reports and license applications should be addressed to:
The Office of the Governor
Road Town, Tortola VG1110
British Virgin Islands
* “relevant person” means a person carrying on relevant business as defined in the Anti-Money Laundering Regulations, 2008.
* “non-financial business” means a business designated under the Non-financial Business (Designation) Notice, 2008.