This new licence allows BVI Legal Practitioners to receive payments for legal services from individuals designated under the Russia or Belarus sanctions regime without needing a specific licence, provided they adhere to the terms of General Licence No. 6.

Key details and requirements:

• Duration: Valid for six months, expiring on 4 December 2024.
• Caps on fees and expenses:
  • Legal fees: US$600,000
  • Expenses: 10 per cent of legal fees, up to US$60,000
• Application: Caps apply per Legal Practitioner for all matters related to a Designated Person, unlike previous licences where caps were per Designated Person across all legal firms.
• Notification: Notify the Governor’s Office before undertaking any activities under the licence.
• Reporting: Submit a report within seven days of any payment made under the licence. Reports can be emailed to GOVOfficeSanctions.Tortola@fcdo.gov.uk or mailed to the Governor’s Office.

Reporting forms are available on the British Virgin Islands Financial Services Commission General Licence page.

• Record keeping: Maintain records of the licence's use for six years.

For more information, the press release can be found here.

The General Licence No. 6 2024 can be accessed here and the publication notice here.