British Virgin Islands: BVI Continues Updates On Iran Sanctions Legislation To Comply With JCPOA

On 24 November 2016, the Direction Given By The Financial Investigation Agency (Revocation) Order, 2016 (the Order) was gazetted.

The Direction of the Financial Investigation Agency (FIA) that was given under section 3 of the Proliferation Financing (Prohibition) Act, 2009 which was in relation to transactions or business relationships with the following persons: 

• a credit institution incorporated in Iran
• the Central Bank of Iran also known as Bank Markazi Jomhouri Islami Iran
• a branch wherever located, of a person falling within sub-paragraph (a)
• a subsidiary, wherever located, of a person falling within sub-paragraph (a)

and published in the BVI Gazette on 15 December 2011 is revoked by the Order. 

As such, both the 2009 FIA Direction and the 2011 FIA Direction are now revoked under BVI law.

A link to our last legal update on the repealing of Financial Investigation Agency Direction in relation to Iran can be accessed here.

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