Advisory Warning No. 4 of 2012 - The Libya (Restrictive Measures) (Overseas Territories) (Amendment) Order 2011 (2012-04-30)

Summary

This is an advisory notice from the BVI Financial Services Commission alerting the public and all regulated and other persons to their obligations under The Libya (Restrictive Measures) (Overseas Territories) (Amendment) Order 2011, which took effect on 18 November 2011. The Amendment Order implements UN Security Council Resolution 2009 (2011) and related EU Council Regulations, amending the Libya (Restrictive Measures) (Overseas Territories) Order 2011 and extending sanctions measures to the Virgin Islands.

• Arms embargo: Prohibits the supply or export of arms and related material or equipment that may be used for internal repression to Libya.
• Asset freeze: Prohibits making funds, financial assets or economic resources available to designated persons and entities, and requires freezing of their funds, financial assets or economic resources.
• Humanitarian exemption update: Gives effect to a change to the humanitarian purposes exemption to the EU autonomous asset freeze introduced by Council Regulation (EU) No. 572/2011.
• Designated persons and entities: Reproduces the updated list of individuals and entities subject to the asset freeze under Annex II to UN Security Council Resolution 1973 (2011), including named Libyan officials, family members of Col. Muammar Qadhafi, and the Libyan National Oil Corporation.

The advisory is informational in nature, directing the general public and regulated persons to comply with an already-effective statutory Order rather than creating new standalone requirements itself.

Key obligations

• Comply with the prohibition on supplying or exporting arms and related material or equipment usable for internal repression to Libya.
• Do not make funds, financial assets or economic resources available to the designated persons and entities listed in the Order.
• Freeze any funds, financial assets or economic resources held for or belonging to the designated persons and entities listed in the Order.

Applies to

regulated persons, general public, financial services businesses

Deadlines

• 18 November 2011: Date the Libya (Restrictive Measures) (Overseas Territories) (Amendment) Order 2011 came into force.