For a better experience on Cayman Islands Monetary Authority, update your browser.
Cayman Islands
SIX, Cricket Square
PO Box 10052
Grand Cayman KY1-1001
Cayman Islands
linkedin

Follow us on Facebook

linkedin

Follow us on LinkedIn

Call us on

+1 (345) 949-7089

Business Hours

Monday - Friday, 8:30 a.m - 5:00 p.m

The Venezuela (Sanctions) (Overseas Territories) Order 2018

General Industry Notices
Date: Tue, 22 May 2018

NOTICE is hereby given that the Venezuela (Sanctions) (Overseas Territories) Order 2018, SI 2018 No. 179, was made on 8 th February, 2018, was laid before Parliament on 15th February, 2018 and came into force on 8 th March, 2018.

The full text of the Order can be viewed via the following link: http://www.legislation.gov.uk/uksi/2018/179/made/data.pdf

The Explanatory Note of the Venezuela (Sanctions) (Overseas Territories) Order 2018 is as follows: 

EXPLANATORY NOTE

(This note is not part of the Order) 

This Order gives effect in specified Overseas Territories to sanctions measures adopted by the European Union in Council Decision (CFSP) 2017/2074, which was adopted on 13 November 2017, and in Council Regulation (EU) 2017/2063, which was adopted on 13 November 2017. 

The sanctions imposed include an arms embargo, as well as specific measures to place restrictions on equipment that might be used for internal repression and to prevent the misuse of communication equipment. They also include assetfreezing measures against persons designated by the Council of the European Union as responsible for serious human rights violations or abuses or the repression of civil society and democratic opposition in Venezuela, or whose actions, policies or activities otherwise undermine democracy and the rule of law in Venezuela, as well as persons associated with them.

The Order makes provision for the Governor to license certain activities in line with exemptions under the sanctions regime.”.