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FIA issues directive regarding transaction with Iranian banks

The Financial Investigation Agency (FIA) has issued a a direction to financial agencies in the VI as it relates to Iran’s ongoing nuclear activities.
ROAD TOWN, Tortola, VI – The Territory’s financial investigation reasonably believes there is a risk that terrorist financing and money laundering activities are being carried on by persons resident or incorporated in Iran as part of their attempt to aid or facilitate the development or production of nuclear weapons and that these activities pose a significant risk to the interests of the Virgin Islands or the United Kingdom.

According to a Financial Investigation Agency (FIA) press release, it issued a direction on December 12, 2011 as it relates to Iran’s ongoing nuclear activities.

“This direction is intended for all persons operating in the financial sector of the Virgin Islands as prescribed under section 4 of the Act, and referred to in the Act as “relevant person,” the release added.

“This direction is given in relation to transactions or business relationships with the following persons; the Central Bank of Iran, also known as Bank Markazi Jomhouri Islami Iran, and any branch of the Central Bank of Iran, also known as Bank Markazi Jomhouri Islami Iran.”

The Agency directs that, from the effective date of this direction, a relevant person must not enter into, or continue to participate in any transaction or business relationship with a designated person.

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