Bermuda’s approach to International Sanctions obligations

Bermuda is a British Overseas Territory, and, as such, it is obliged to implement the international sanctions obligations of the United Kingdom.

Bermuda’s International Sanctions Act 2003 empowers the Minister responsible for Legal Affairs to make the regulations necessary to give effect in Bermuda to the international sanctions obligations of the United Kingdom. Bermuda’s International Sanctions Act Regulations 2013 were made, in turn, under the International Sanctions Act 2003.

The 2013 Regulations list all of the sanctions-related Orders in force in Bermuda, and they are amended or updated on an ongoing basis.

The BMA’s Sanctions Guidance Notes dated June 2016 are available here:

http://www.bma.bm%2Fdocument-centre%2Fpolicy-and-guidance%2FAMLATF%2FSanctions%2520Guidance%2520Note.pdf&usg=AFQjCNGkxFwuuT9D6jEd1F1gFIdDY0tK7w

On 29 January 2016, Bermuda’s Supreme Court handed down its ruling in Cornhill Natural Resources Fund Limited v Libyan Investment Authority et al [2016] SC Bda 9 Comm, addressing the meaning and effect of the Libya (Restrictive Measures) (Overseas Territories) Order 2011, for the first time under Bermuda law.

For more information, see:

https://www.gov.bm/sites/default/files/Cornhill-v-Libyan.pdf

Supreme Court of Bermuda does not allow LIA to redeem shares

https://www.gov.bm/international-sanctions-measures

http://sanctionsguide.eversheds.com/countries/bermuda/

 

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