The Libya (Asset-Freezing) (Amendment) Regulations 2011

• Citation: S.I. 2011/2390
• Sections: 2

Section 1 Citation and commencement

These Regulations may be cited as the Libya (Asset-Freezing) (Amendment) Regulations 2011 and come into force at 3.00 p.m. on 29th September 2011.

Section 2 Amendment of the Libya (Asset-Freezing) Regulations 2011

(1) The Libya (Asset-Freezing) Regulations 2011 are amended as follows.

(2) In regulation 3 (freezing of funds and economic resources)—

(a) after paragraph (1), insert—

(1A) The prohibition in paragraph (1) also applies to funds or economic resources which—

(a) on 16th September 2011 belonged to, or were owned, held or controlled by—

(i) Central Bank of Libya;

(ii) Libyan Arab Foreign Bank (also known as Libyan Foreign Bank);

(iii) Libyan Investment Authority; or

(iv) Libyan Africa Investment Portfolio;

(b) were located outside Libya on that date; and

(c) were subject to the prohibition in paragraph (1) immediately before the coming into force of Council Regulation ( EU ) No. 965/2011 of 28 September 2011 .

(b) for paragraph (3), substitute—

(3) Paragraphs (1) and (1A) are subject to regulation 9.

(3) In paragraph 6 (application of provisions) of the Schedule, after sub-paragraph (6) insert—

(7) In this Schedule, a reference to a designated person includes a reference to an entity mentioned in regulation 3(1A)(a).