The Libya (Asset-Freezing) (Amendment) Regulations 2013 (S.I. 2013/2071)

Summary

This is a UK statutory instrument that amends the Libya (Asset-Freezing) Regulations 2011, which implement EU/UK restrictive measures (asset freezes) relating to Libya. It was made available via the BVI Financial Services Commission's alerts page for the awareness of BVI-regulated entities subject to Libya sanctions obligations.

• What it changes: It replaces regulation 8(1) of the 2011 Regulations to broaden the exemption allowing a person to credit a frozen account without contravening the asset-freeze prohibitions.
• New permitted credits: Frozen accounts may now be credited with interest or earnings, payments due under pre-existing contracts, and payments due under judicial, administrative or arbitral liens, judgments or decisions (including those enforceable in an EU Member State) referenced in Article 8(1) of the underlying EU Council Regulation.
• Related amendment: Regulation 8(3) is amended to extend a cross-reference to cover the newly added categories (c) and (d).
• Effective date: The amending Regulations came into force on 13 September 2013.

The instrument does not impose new reporting, filing, or licensing obligations on regulated entities; it is a technical widening of an existing exemption to the Libya asset-freezing regime, aligning UK domestic implementation with a corresponding EU Council Regulation amendment.

Applies to

persons or institutions holding or administering frozen accounts under the Libya asset-freezing regime, financial institutions subject to Libya sanctions obligations

Deadlines

• 13th September 2013: Coming into force date of the amending Regulations

Related documents

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