The Libya (Restrictive Measures) (Overseas Territories) Order, 2011 - Advisory Warning No. 3 of 2011 (2011-06-16)

Summary

This is an advisory notice from the BVI Financial Services Commission alerting the public and all regulated persons that they must comply with The Libya (Restrictive Measures) (Overseas Territories) Order 2011, which took effect on 9 April 2011. The Order implements UN Security Council Resolutions 1970 and 1973 (2011) by imposing sanctions targeting the former Libyan regime in response to human rights violations, and is extended to the Virgin Islands under Schedules 1 and 2 of the Order.

• Arms prohibition: Prohibits the supply or export of arms and related material or equipment that could be used for internal repression in 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.
• Designated persons and entities: Lists specific individuals (including former Libyan officials and members of the Qadhafi family) and entities (including the Central Bank of Libya, Libyan Investment Authority, Libyan Foreign Bank, Libyan Africa Investment Portfolio, and Libyan National Oil Corporation) subject to the asset freeze.

The notice does not itself create new obligations beyond directing compliance with the underlying Order; it functions as a public alert reminding regulated and other persons of their existing legal duty to observe the sanctions regime.

Key obligations

• Comply with the prohibition on supplying or exporting arms and related material or equipment usable for internal repression to Libya
• Refrain from making 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 on behalf of the designated persons and entities listed in the Order

Applies to

regulated persons, general public

Deadlines

• 9 April 2011: Date on which The Libya (Restrictive Measures) (Overseas Territories) Order 2011 came into force