The Notice, documented as Statutory Instrument 2024 No. 49, published to the official gazette, enables the Attorney General, the Director of the Financial Investigation Agency (FIA), and the Managing Director of the Financial Services Commission (FSC) to execute specific sanctions-related duties within the Virgin Islands.

Attorney General’s role:

• Authorised to receive and process applications for various licences, including director disqualifications, financial and trade sanctions licences to be issued by the Governor (with the consent of the Secretary of State), and to receive related reports
• Granted the power to enforce and coordinate the publication of Overseas Territories Sanctions Orders and to implement and enforce General Licences (subject to the approval of the Governor and the consent of the Secretary of State)
• Designated as an “authorised officer” for the purposes of implementing, monitoring, compliance with and detection of sanctions by, amongst other things, exercising powers to request information, inspect records and disclose information

Director of the FIA and FSC Managing Director:

• Tasked with publishing and updating lists of individuals and entities subject to sanctions, ensuring transparency and compliance
• Empowered to decide how these lists will be made public

Expanded authority for officials:

• The Attorney General, FIA Director, and FSC Managing Director can designate additional officers to perform certain powers and functions, increasing enforcement capacity
• Authorised officers can act on behalf of these entities for investigations and sanctions enforcement

This Notice aligns Virgin Islands sanctions enforcement with UK regulations under the Sanctions and Anti-Money Laundering Act 2018, ensuring flexibility as new sanctions regulations are introduced.

For more information, the Notice can be accessed here.