Menu Home

Are we there yet? OFSI fixes the Libya regime, again…

Introduction
14/07/2020
1. This notice is to issue a correction for 49 listings in the Libya regime. These amendments bring the consolidated list into line with Annex II and Annex III to Council Regulation (EU) No 2016/44 (“the regulation”).
Notice summary (Full details are provided in the Annex to this Notice)
2. 49 entries have been amended on the consolidated list and remain subject to an asset
freeze.
What you must do
3. You must:
i. check whether you maintain any accounts or hold any funds or economic resources for the persons set out in the Annex to this Notice;
ii. freeze such accounts, and other funds or economic resources;
iii. refrain from dealing with the funds or assets or making them available (directly or indirectly) to such persons unless licensed by the Office of Financial Sanctions Implementation (OFSI);
iv. report any findings to OFSI, together with any additional information that would facilitate compliance with the Regulation;
v. provide any information concerning the frozen assets of designated persons that OFSI may request. Information reported to OFSI may be passed on to other regulatory authorities or law enforcement.
4. Where a relevant institution has already reported details of accounts, other funds or economic resources held frozen for designated persons, they are not required to report these details again.
5. Failure to comply with financial sanctions legislation or to seek to circumvent its provisions is a criminal offence.
Further Information
6. Copies of recent Notices, certain EU Regulations, UNSC Resolutions and UK legislation can be obtained from the Libya financial sanctions page on the GOV.UK website:
https://www.gov.uk/government/collections/financial-sanctions-regime-specific- consolidated-lists-and-releases
7. Further details on the UN measures in respect of Libya can be found on the relevant UN Sanctions Committee webpage: http://www.un.org/sc/committees.
8. Please note there are also import and export restrictions on Libya. Further guidance on export and trade sanctions is available from the GOV.UK website: https://www.gov.uk/sanctions-embargoes-and-restrictions.
9. For more information please see our guide to financial sanctions:
https://www.gov.uk/government/publications/financial-sanctions-faqs
Enquiries
10. Non-media enquiries, reports and licence applications should be addressed to:
Office of Financial Sanctions Implementation HM Treasury
1 Horse Guards Road
London
SW1A 2HQ
ofsi@hmtreasury.gsi.gov.uk
11. Media enquiries about how financial sanctions are implemented in the UK should be addressed to the Treasury Press Office on 020 7270 5238.
12. Media enquiries about the sanctions measures themselves should be addressed to the Foreign and Commonwealth Office Press Office on 020 7008 3100.

Link:

OFSI Notice

Categories: Libya Sanctions OFSI Updates Sanctions Lists

eric9to5

1 reply

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: