On 14 July 2015, the Joint Comprehensive Plan of Action (the JCPOA) was welcomed by China, France, Germany, the Russian Federation, the UK and the United States of America, with the High Representative of the European Union for Foreign Affairs and Security Policy, and Iran.
Under the JCPOA, the EU/UK agreed to terminate or relax nuclear-related economic and financial sanctions, including related designations. Inconsistently with this, the BVI regime preserves, to an extent, the UK sanctions and restrictive measures regime on Iran that was instituted from 2009 to 2011.
However, based on recent discussion with the Financial Investigation Agency (FIA), this is due to be repealed soon. Once repealed, this will further align the BVI with the position in the UK and in keeping with the relaxation of the Iran restrictions.
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