The Libya (Restrictive Measures) (Overseas Territories) (Amendment) Order, 2012

Summary

This is a UK Order in Council that amends the Libya (Restrictive Measures) (Overseas Territories) Order 2011, which extends UN Libya sanctions to the Overseas Territories (including the British Virgin Islands). It implements a December 2011 decision of the UN Sanctions Committee and a related EU Council Regulation, and took effect on 17 February 2012.

• Designated person definition: Amends the definition of "designated person" in the principal Order to add Zueitina Oil Company, the Central Bank of Libya, the Libyan Arab Foreign Bank, the Libyan Investment Authority and the Libyan Africa Investment Portfolio, removing the previous exclusion for persons referred to in paragraph 15 of UNSCR 2009 (2011).
• Paragraph 15 persons definition: Redefines "person referred to in paragraph 15 of Security Council resolution 2009 (2011)" to mean the Libyan Investment Authority and/or the Libyan Africa Investment Portfolio.
• Effect: Removes the Central Bank of Libya and the Libyan Arab Foreign Bank from the scope of the partial asset freeze previously imposed under UNSCR 2009 (2011), reflecting the UN Sanctions Committee's 16 December 2011 decision and EU Council Regulation (EU) No 1360/2011.

Financial institutions and other persons in the Overseas Territories subject to the Libya sanctions regime should update their sanctions screening and asset-freeze compliance to reflect the revised designated persons list, in particular the changed status of the Central Bank of Libya and the Libyan Arab Foreign Bank.

Key obligations

• Persons subject to the Libya sanctions regime must update designated-person screening lists to reflect the amended definitions, including the changed treatment of the Central Bank of Libya, the Libyan Arab Foreign Bank, the Libyan Investment Authority and the Libyan Africa Investment Portfolio.
• Entities must cease applying the partial asset freeze to the Central Bank of Libya and the Libyan Arab Foreign Bank, consistent with their removal from that scope.

Applies to

financial institutions and other persons subject to the Libya (Restrictive Measures) (Overseas Territories) Order 2011 in the British Virgin Islands and other Overseas Territories

Deadlines

• 17th February 2012: Order comes into force, amending the designated persons definitions under the Libya sanctions regime.