BVI Complying! Over $400M Frozen Through Sanctions On Russia

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By BVI Platinum News

Updated 4:58 AM AST, Thu May 12, 2022

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(Photo Credit: Melissa Edwards/BVI Platinum News)

(PLTM) - The Virgin Islands has assured that is taking all requisite steps to ensure that it adheres to its international obligations as an Overseas Territory of the United Kingdom.

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In a release, the Financial Services Commission (FSC) indicated that the Territory is also complying with all sanctions issued by the United Kingdom that are extended to it by way of the relevant Overseas Territories Sanctions Orders in Council.

Governor John Rankin, whose office is the Competent Authority for sanctions in the BVI said, “I welcome early steps taken by the British Virgin Islands, to ensure it meets the sanctions requirements in response to Russia's unprovoked, premeditated and unjustified invasion of Ukraine. The Governor’s Office, along with FCDO and OFSI, continues to support and work together with the FSC, FIA, and other relevant agencies and Competent Authorities in implementing these wide-ranging sanctions measures and meeting international obligations.”

According to the release, since the Russian invasion of Ukraine in February 2022, the Governor’s Office has received confirmation that assets with an estimated value of more than US$ 400,000,000 have been frozen to date. These actions have been taken in compliance with freezing obligations under The Russia (Sanctions) (Overseas Territories) Order 2020.

Managing Director of the FSC Mr. Kenneth Baker noted that this cohesive approach to sanctions implementation is underpinned by the Territory’s Council of Competent Authorities which practices a joined-up delivery on international cooperation issues as a whole and promotes a strong culture of domestic cooperation amongst all Competent Authorities.

Additionally, the BVI actively monitors the UK Sanctions listings published by the Foreign, Commonwealth and Development Office (FCDO), as well as the UK’s Office of Financial Sanctions Implementation (OFSI), with the Financial Services Commission (FSC) and the Financial Investigation Agency (FIA) ensuring the timely dissemination of sanctions updates to its financial services providers, designated non-financial businesses and professions and non-profit organisations.

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"Where any requests for international cooperation are received, the BVI stands ready to execute these, including the sharing of beneficial ownership information, with overseas law enforcement, under the Exchange of Notes with the United Kingdom Government under which information can be exchanged in as little as 1 hour in urgent cases," the release stated.

Financial sanctions are restrictions put in place to achieve a specific foreign policy or national security objective. They can limit the provision of certain financial services and restrict access to financial markets, funds and economic resources.

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