The Libya (Asset-Freezing) (Amendment) Regulations 2012 (S.I. 2012/56)

Summary

This is a UK Statutory Instrument (S.I. 2012/56) that amends the Libya (Asset-Freezing) Regulations 2011, made in exercise of powers under the European Communities Act 1972. It gives effect to an EU Council Regulation removing two entities from the list of parties subject to a partial asset freeze in connection with the Libya sanctions regime. It was circulated by the BVI Financial Services Commission as an AML/CFT alert for regulated entities that conduct sanctions screening.

• Amendment made: Regulation 3(1A)(a) of the Libya (Asset-Freezing) Regulations 2011 is amended to omit paragraphs (i) and (ii), removing the Central Bank of Libya and the Libyan Arab Foreign Bank (Libyan Foreign Bank) from the list of entities subject to a partial asset freeze.
• Practical effect: Penalties under the Libya (Asset-Freezing) Regulations 2011 no longer apply in respect of dealings with those two entities, though other Libya-related restrictive measures and listed entities (including the Libyan Investment Authority and Libyan Arab Investment Portfolio) remain unaffected.
• Background: The change implements Council Regulation (EU) No. 1360/2011, which amended Council Regulation (EU) No. 204/2011 concerning restrictive measures relating to Libya.

No new impact assessment was produced, as the Treasury identified no cost impact on business or the voluntary sector. Regulated entities in the BVI should update sanctions screening lists and internal watchlists to reflect that these two entities are no longer subject to the partial asset freeze.

Key obligations

• Regulated entities conducting sanctions or asset-freeze screening should update their watchlists to remove the partial-freeze designation previously applied to the Central Bank of Libya and the Libyan Arab Foreign Bank, consistent with the amended UK/EU sanctions list.

Applies to

banks, financial institutions, persons and entities subject to AML/CFT sanctions screening obligations

Deadlines

• 4.30 p.m. on 11th January 2012: Coming into force of the Libya (Asset-Freezing) (Amendment) Regulations 2012.

Related documents

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