BVI financial services industry committed to upholding international sanctions

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British Virgin Islands, (BVI) – The British Virgin Islands (BVI) remains committed to complying and upholding international sanctions showcased in this week’s edition of the BVI360° series.

The report titled, Global BVI: Enforcing International Sanctions, underscores how the BVI plays its part in the current sanctions directives following the Russian Federation’s military invasion of Ukraine on 24 February 2022.

The new and extended sanctions were introduced by the United Kingdom (UK) and other countries worldwide on Russia’s trade, companies, high-net-worth individuals and financial sector.

International sanctions are political or economic decisions imposed on individuals, governments, or regimes in response to violations of international law, threats to international peace, and violent activity within state borders.

BVI Finance, Chief Executive Officer (CEO) Elise Donovan, stated:

“As a UK Overseas Territory, the British Virgin Islands (BVI) is required to implement sanctions introduced by the United Kingdom. Thus, this Territory continues to uphold global standards; as sanction measures range from comprehensive economic, trade sanctions, to more targeted measures such as arms embargoes, travel bans, and financial or commodity restrictions.”

BVI Finance launched the BVI360 series to showcase the full picture of the BVI’s financial services industry bringing to the fore, the expertise, talent, and evolution of the BVI as a resilient financial centre, being able to adjust to regulatory changes and being able to rebound from economic challenges, natural disasters, and global pandemics.

BVI Finance commissioned the BVI360 series from the UK-based Pragmatic Advisory, an independent strategy and economics research consultancy firm. Earlier reports, Global BVI Contributing to the World Economy and Resilient BVI: Global Pandemic are available here.

BVI Finance is the voice of the British Virgin Islands’ financial services industry; marketing and promoting its products and services, as well as managing and maintaining its excellent reputation as a premier offshore financial centre. Established in 2002 as the BVI International Finance Centre, the company was re-branded to BVI Finance in 2015.

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