Public Notice DEVELOPMENTS IN UKRAINE
The Turks and Caicos Islands Financial Services Commission (“The Commission”) considers it necessary to advise the public of further developments in relation the Ukraine. On April 28, 2014 the United Kingdom (UK) rectified and extended the Ukraine (Sanctions) (Overseas Territories) (No.2) Order 2014 to the Turks and Caicos Islands. On the same day the Ukraine (Sanctions) (Overseas Territories) (No.3) Order 2014 was also rectified and extended to the Turks and Caicos Islands. These Order freezes in the Turks and Caicos Islands the assets of persons who have been identified as responsible for the misappropriation of Ukrainian State Funds. The Commission also wishes to advise the general public, including all regulated and other financial businesses that these Orders revokes and replaces the Ukraine (Sanctions) (Overseas Territories) Order 2014. These Orders has been issued in furtherance of the ongoing sanction regime of the European Union (EU) and particularly Council Decision 2014/119/CFSP. The EU also adopted Regulations pursuant to Council Decision 2014/119/CFSP which established a list of natural and legal persons, entities and bodies subject to restrictive measures. A copy of this decision and Regulation No. 269/2014 made pursuant to that decision can be viewed at the links: http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2014:078:0016:0021:EN:PDF and http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32014R0269&from=EN The Commission expects all relevant financial businesses to consider the impact of these developments on their anti-money laundering and anti- terrorist financing policies and procedures on a risk sensitive basis. The Commission further advices the general public and all relevant financial businesses to continue monitoring sanctions and counter-measures applied by bodies such as the EU, United Nations (UN), and UK. Updates of such measures are also periodically made available on the Commission’s Website on the “Sanctions” tab. However, it should be noted that the most current information can be obtained directly from the body issuing the statement or counter-measure.
J. Kevin Higgins Managing Director