The British Virgin Islands Financial Services Commission issued Advisory Warning informing that The Terrorist-Asset-Freezing etc. Act 2010 (Overseas Territories) (Amendment) Order 2017 was ratified and extended to the British Virgin Islands on 8 March 2017. The Order amends the Terrorist Asset-Freezing etc. Act 2010 (Overseas Territories) Order 2011, which extends, with modifications, Part 1 of the Terrorist-Asset Freezing etc. Act 2010 to the Overseas Territories.
The amendments in article 4(3) change the definition of “designated person” in the principal Order, while the amendments in article 4(4) introduce requirements for the Governor to consult the Secretary of State before designating any person under the Act. Also, there are amendments that introduce requirements for the Governor to consult the Treasury before granting, varying or revoking a licence in respect of designated persons. The Order also makes some minor amendments to the principal Terrorist Asset-Freezing etc. Act 2010 Order.