The Libya (Asset-Freezing) (Amendment) Regulations 2011 (S.I. 2011/2390)

Summary

This is a UK Statutory Instrument amending the Libya (Asset-Freezing) Regulations 2011, made by HM Treasury to implement EU Council Regulation (EU) No. 965/2011. It narrows the automatic full asset freeze on four named Libyan entities to a modified freeze covering only funds and economic resources that were located outside Libya and already frozen as of 16 September 2011, while preserving the reporting and penalty framework of the original regulations. The BVI Financial Services Commission has circulated it as an alert because BVI persons and entities remain subject to UK/EU-derived asset-freezing measures against Libya.

• Entities affected by the freeze: Central Bank of Libya, Libyan Arab Foreign Bank (Libyan Foreign Bank), Libyan Investment Authority, and Libyan Africa Investment Portfolio
• Scope of continued freeze: Only funds/economic resources of these entities that were located outside Libya and subject to the freeze immediately before 28 September 2011 remain frozen
• Schedule amendment: Information and reporting provisions in the Schedule to the Libya (Asset-Freezing) Regulations 2011 continue to apply to these four entities, now treated as designated persons for that purpose
• Penalties: Existing penalties under the Libya (Asset-Freezing) Regulations 2011 apply to breaches of this modified asset freeze

No new impact assessment was produced because the instrument was not expected to affect the private or voluntary sectors beyond those already subject to the existing Libya sanctions regime.

Key obligations

• Persons and entities holding or controlling funds or economic resources of the Central Bank of Libya, Libyan Arab Foreign Bank, Libyan Investment Authority, or Libyan Africa Investment Portfolio that were located outside Libya on 16 September 2011 must continue to keep those assets frozen, subject to the exceptions in regulation 9
• Persons subject to the Schedule's information provisions must continue to provide required information in relation to the four named entities as if they were designated persons

Applies to

financial institutions and persons holding funds or economic resources connected to designated Libyan entities, persons subject to the Libya (Asset-Freezing) Regulations 2011

Deadlines

• 29 September 2011 at 3.00 p.m.: Coming into force of the amending Regulations
• 16 September 2011: Date used to determine which funds/economic resources of the four named entities remain subject to the modified asset freeze

Related documents

• This document amends The Libya (Asset-Freezing) Regulations 2011 (S.I. 2011/605)