To deal with is defined very broadly and is intended to capture any conceivable use, transfer or change in the state of the funds or economic resources. Asset freezing activity also helps protect Libyan state funds (misappropriated during the former regime of Muammar Qadhafi) which could be used to threaten the peace, stability or political transition of Libya. On 25 February 2011, President Barack Obama issued Executive Order 13566 Blocking Property and Prohibiting Certain Transactions Related to Libya. 227 0 obj <>stream The recent changes raise a couple of questions for UK businesses: How do they affect transfers of personal data to group companies or suppliers based in India? 0000020513 00000 n 0000011306 00000 n 0000043473 00000 n 0000013671 00000 n Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. 0000011587 00000 n 0000001076 00000 n This sanctions regime gives effect to the UKs obligations under United Nations Security Council Resolutions (UNSCRs) including UNSCR 1970 (2011) as well as additional autonomous measures the aims of which are to promote: the peace, stability and security of Libya; the successful completion of Libyas political transition to a democratic, independent and united country; and. Unless authorised by the US Office of Foreign Asset Control (OFAC), the Order freezes a designated persons property (or property interests), or any entity in which a designated person owns, directly or indirectly, more than a 50% interest. 0000010673 00000 n libyan eac gaddafi haunts grappling telecoms The breadth of Regulation 204/2011 is illustrated by Article 5(2), which states that it is illegal to make available economic resources, directly or indirectly, to or for the benefit of any designated person. Thank you so very much for everything. Updated with 'Latest HM Treasury Notice, 10/02/2022, Libya'. More information on the requirements for freezing interest and other earnings under the partial asset freeze can be found in the accompanying Libya financial sanctions guidance. The UN Resolution,UNSCR 1970 (2011), is available online along with other relevant UN Resolutions. Two ships have also been designated by the UN and the EU. From an English law perspective, it would be customary to treat such a supervening illegality as a frustration of the contract in question. Imagine it is 8am next Monday and you receive a frantic call from your companys MD telling you there are a number of people in his office, going through his papers. 0000010332 00000 n Accordingly, if a company is obligated to supply goods under a contract with a designated person, that company will not as a matter of US or EU law be held liable for failing to perform the contract, if it believes in good faith that performing the contract would breach the Regulation or Executive Order 13566. The UN resolution partly lifted the arms embargo imposed on Libya, but upheld the no-fly zone, under continous review. On 30 March 2010, Germany and the UK signed a new version of the Convention for the Avoidance of Double Taxation and , Continue reading Changes to the UK-Germany double taxation convention from a German tax perspective. matooke naro traders In July 2017, Regulation 2016/44 was amended by adding items which can be used for human trafficking (seeRegulation 1325/2017). This document contains a current list of designated persons and information on relevant regulations. The Libya regime permits the designation of persons (both individuals and entities) for the purpose of imposing an asset freeze as well as various financial prohibitions if those persons are involved in serious human rights abuses or breaches of international humanitarian law in Libya (including attacks on civilians and facilities), an activity carried out on behalf of the former regime of Muammar Qadhafi and any other activity which threatens the peace, stability or security of Libya (including attacking infrastructure and misappropriating Libyan state funds). OFAC issues general licenses in order to authorize activities that would otherwise be prohibited with regard to the Libya Sanctions. Economic resources are defined in the broadest terms as: assets of every kind whether tangible or intangible movable or immoveable, which are not funds but may be used to obtain funds, goods or services.. It should be noted that although Article 6a of Regulation 204/2011 provides that the obligation to freeze funds and economic resources of designated persons does not extend to those entities in which designated persons have a stake, this exception only applies if the entity is conducting legitimate business and not making funds or economic resources available to a designated person. UN Sanctions have been subject to frequent changes and only limited sanctions remain in place against individuals and entities. The financial sector and other persons should bear in mind that Muammar Qadhafi and his family have considerable control over the Libyan state and its enterprises in deciding how to conduct proper due diligence over any transactions involving Libyan State assets.2. The resolutionlifted sanctions against the Libyan Oil Corporation, Zuietina Oil Company and a number of financial institutions. Update to text on page, no changes to lists, Updated to include Libya (Judgement of the General Court), Updated due to notice Libya (Reg 1103/2014), added link to 20.01.2013 Council Regulation (EU) No 45/2013. 1701-1706, National Emergencies Act (NEA), 50 U.S.C. Notice 04/08/15 Libya, Amendments to Annex III following Council Implementing Regulation (EU) 2015/1323. United Nations Security Council Resolutions on Libya, US Treasury Office of Foreign Asset Control (OFAC), International Sanctions against Iran, Libya and Syria, The Freezing of Assets and Prohibition on Certain Transactions related to Libya. In most ordinary commercial contract cases where goods are to be supplied under contracts with designated persons, the exemptions above will not apply except to facilitate receipt of payments due for economic resources supplied to designated persons under pre-existing contracts. Wed like to set additional cookies to understand how you use GOV.UK, remember your settings and improve government services. As discussed below, the combined asset freezes and prohibition on supplying economic resources, effectively prohibits an unlicensed person or company from doing business with an entity that falls within the list of designated persons, or which could make funds or economic resources available to a designated person. Latest HM Treasury Notice, 18/02/2021, Libya, Updated with latest HM Treasury Notice, 01/02/2021, Libya, Update with 'Latest HM Treasury notice, Libya, 21/01/2021', Latest HM Treasury notice, Libya, 19/01/2021, Updated to reflect regime coming into force under the Sanctions Act, Updated with 'Latest HM Treasury notice, 15/10/2020, Libya (Reg 2020/1481)', Updated with 'Latest HM Treasury notice, 02/10/2020, Libya (Reg 2020/1380)', Updated with Latest HM Treasury Notice, 21/09/2020, Libya (Reg 2020/1309), Updated with Latest HM Treasury notice, 03/08/2020, Libya (Reg 2020/1130), Updated with 'Latest HM Treasury notice, 14/07/2020, Libya (Correction)', Updated with 'Latest HM Treasury notice, 10/07/2020, Libya (Correction)', Updated with 'Latest HM Treasury Notice, 06/03/2020, Libya (Reg 2020/371)'. endstream endobj 203 0 obj <> endobj 204 0 obj <>stream H\n0Fy The intention is to provide some general comments, convenient access to relevant materials and news of latest developments. 343 0 obj <>stream By continuing to browse you, are agreeing to our use of cookies. You also have the option to opt-out of these cookies. On the other hand, under LAFR 2011 and LFSO 2011, the prosecuting authority must prove beyond reasonable doubt that the defendant either knew that making available economic resources to the entity would breach the regulations or had reasonable cause to suspect that supplying the entity would breach the LAFR or LFSO prohibitions. trailer Updated with Latest HM Treasury Notice, 13/05/2021, Libya. Updated with latest HM Treasury notice 01/08/2018 (Libya) (Reg 2018.1073). UNSCR 1970 creates a binding framework on UN member states to impose domestic sanctions that embargo the supply of arms or related material to Libya, in addition to enforcing travel bans and asset freezes on designated individuals. Below OFAC has issued guidance and statements on specific licensing policies as they relate to the Libya Sanctions. LFSO 2011 and LAFR 2011 prohibit the above-mentioned persons or entities from dealing with funds or economic resources that belong to, or are owned, held or controlled by a designated person, if the person or entity knows, or has reasonable cause to suspect that it is dealing with a designated persons funds or economic resources. OFAC has compiled hundreds of frequently asked questions (FAQs) about its sanctions programs and related policies. 0000001713 00000 n 0000019173 00000 n Alternatively, Members can request assistance from our network of Correspondents located around the world. 0000024926 00000 n endstream endobj 205 0 obj <> endobj 206 0 obj <>stream Though Regulation 204/2011 has direct effect in the EU, member states are responsible for passing legislation that imposes penalties for breaching the Regulation. The Regulation requires the defendant to prove on the balance of probabilities a negative proposition (ie that they did not have reasonable cause to suspect the sanctions would be breached). Measures were maintained against the Quadafi family. 7A, and (2) the transactions do not involve any persons listed on the Annex to this general license. Visit the link below to apply for an OFAC license. In R (on the application of M & ors) v Her Majestys Treasury, the European Court of Justice (ECJ) made clear that Article 5(2) applies only to those assets that can be turned into funds, goods or services capable of being used to support the ends which the Regulation is designed to prevent. Member States are required to prevent the entry into or transit through their territories of all listed individuals and to freeze funds, other financial assets and economic resources owned or controlled directly or indirectly by listed individuals in Resolution 1970 (2011). Alcohol and Tobacco Tax and Trade Bureau (TTB), Financial Crimes Enforcement Network (FinCEN), Office of the Comptroller of the Currency (OCC), Treasury Inspector General for Tax Administration (TIGTA), Special Inspector General for the Troubled Asset Relief Program (SIGTARP), Special Inspector General for Pandemic Recovery (SIGPR), Budget Request/Annual Performance Plan and Reports, Inspector General Audits and Investigative Reports, Foreign Account Tax Compliance Act (FATCA), The Community Development Financial Institution (CDFI) Fund, Specially Designated Nationals List (SDN List), Sanctions Programs and Country Information, Financial Literacy and Education Commission, The Committee on Foreign Investment in the United States (CFIUS), Macroeconomic and Foreign Exchange Policies of Major Trading Partners, U.S.-China Comprehensive Strategic Economic Dialogue (CED), Small and Disadvantaged Business Utilization, Daily Treasury Par Real Yield Curve Rates, Debt Management Overview and Quarterly Refunding Process, U.S International Portfolio Investment Statistics, Report Fraud Related to Government Contracts, Cashing Savings Bonds in Disaster-Declared Areas, Community Development Financial Institution (CDFI) Fund, Electronic Federal BenefitPayments - GoDirect, General Property, Vehicles, Vessels & Aircraft. (C_4,Y.~VIhM=t Z@AB9iha\d , The link below sends the user to the entire list of OFAC's FAQs. Enter your email and recipient email to share this article. The latestUN List of individuals and entitieswas updated on 29 July 2013. 333 0 obj <>/Filter/FlateDecode/ID[<360AC2C4F92C86418B126D97DAF161CA>]/Index[311 33]/Info 310 0 R/Length 105/Prev 283100/Root 312 0 R/Size 344/Type/XRef/W[1 3 1]>>stream The Libya Sanctions represent the implementation of multiple legal authorities. This includes the purchase, or sale, or use as credit and the taking out of transport insurance in respect of it. We'll assume you're ok with this, but you can opt-out if you wish. U.S. restrictions with respect to Libya include an Executive Order blocking property and prohibiting certain transactions. %%EOF These can be identified in theUK Treasury Consolidated List of Targets. 0000008673 00000 n Modifications to these regulations are posted in the Federal Register. Updated with Latest HM Treasury notice, 19/11/2018 (Libya). UN Resolution 2146/2014 targets illicit crude oil exports from Libya (i.e. ), Indian data privacy rules: impact of recent changes, 2022 Legalease Ltd. All rights reserved, Registered company in England & Wales No. Companies supplying goods and services, their debt collection agents and solicitors on their behalf, are all intent on recovering overdue receivables as quickly and effectively as possible. Consolidated Sanctions List (Non-SDN Lists), Civil Penalties and Enforcement Information, Guidance on the Provision of Certain Services Relating to the Requirements of U.S. Sanctions Laws, International Emergency Economic Powers Act (IEEPA), 50 U.S.C. 1701-1706, National Emergencies Act (NEA), 50 U.S.C. 1601-1651, Special Inspector General, Troubled Asset Relief Program (SIGTARP), Administrative Resource Center (ARC)- Bureau of the Fiscal Service. Members should not act in reliance solely on the information provided here. In the recent case of Destiny 1 Ltd v Lloyds TSB Bank plc [2011] the Court of Appeal was asked to consider whether Judge Richard Seymour QC was correct to reject a claim that a legally binding contract had been created where that agreement was one of many in a contractual package and the negotiations , Continue reading Agreement not enforceable where negotiations for connected package of contracts had broken down, On Saturday 4 June 2011 the Court of Appeal granted a prohibitory injunction preventing Kieren Fallon, one of the best known flat-racing jockeys in the country, from racing in the most prestigious event of the flat-racing calendar, the Epsom Derby. Where the counterparty to a contract is not a designated person but nevertheless an entity with whom continuing to trade could breach the sanctions, the safest approach is to consult the relevant competent authority, and if in doubt, obtain a licence. Privacy Policy|Site Map, INTERNATIONAL FINANCIAL COMPLIANCE SOLUTIONS. Sign up for Libya Sanctions e-mail updates. Copyright 1981 2022 Visual OFAC Inc. All rights reserved. One important addition was General National Maritime Transport Company (GNMTC) which was designated on21 June 2011but removed on 18 November 2011. startxref In a case where the entity is not designated, this may be a difficult element for HM Treasury to prove. The Libya (Sanctions) (EU Exit) Regulations 2020 ensure that financial sanctions relating to Libya are implemented effectively after the UK leaves the EU. The Sanctions Committee of the Security Council has the power to designate further individuals who may be subjected to asset freezing and travel prohibition. UN Resolution 1970/2011 imposes an arms embargo on Libya, banning Member States from selling to or buying from Libya any cargo that includes armaments, and requiring them to seize any such cargoes that are discovered. H\_k0y\U0`fh&h~!7,ciYn0lhnA3}~M_A2,?ff&\CWUTVq,v"EC/RuO"\mlO$u2fhhkCW hb```b``mc`c`c`@ V(GC|0Hi%N a?/,f^@$N0@ A n 2 0000023406 00000 n Thus, LAFR 2011 and not LFSO 2011 would capture situations where a person or company sells goods to a non-designated person, and they know, or have reasonable cause to suspect the counterparty is making the goods available for the benefit of a designated person. In the UK, a general licence3 has been granted that enables a person to undertake any acts in the course of business with non-Libyan financial institutions (ie an entity that is incorporated or constituted under the law of a country other than Libya and is authorised under the law of the place in which it is incorporated or constituted to carry out regulated activities, as defined in s22 of the Financial Services and Markets Act 2000) that are owned or controlled by designated persons, but only where the person does not know, or have reasonable grounds for suspecting that the act will result in funds, financial assets or economic resources being made available to a designated person. 2016/45), Financial sanctions, Democratic Peoples Republic of Korea, Peace and stability in the Middle East and North Africa. Ten minutes ago, they arrived unannounced at reception and produced a document to your receptionist. It is important to clarify how a pledge over commercial premises can be legally applied under UAE law from a definition perspective and under basic civil law concepts. On 27 February 2011, the UK adopted the UNSC resolutions by enacting the Libya (Financial Sanctions) Order (LFSO) 2011, and implemented EU Regulation 204/2011 on 3 March 2011 via the Libya (Asset-Freezing) Regulations (LAFR) 2011. Updated with 'Latest HM Treasury Notice, 05/08/2019, (Libya) (Reg 2019/1292)'. Important Lessons from an OFAC Penalty Case, OFAC Laws, and Civil and Criminal Penalties, Specially Designated National (SDN) Designations, 13726Blocking Property and Suspending Entry into the United States of Persons Contributing to the Situation in Libya (April 19, 2016), 13566 Blocking Property and Prohibiting Certain Transactions Related to Libya (Effective DateFebruary 25, 2011), International Emergency Economic Powers Act (IEEPA), 50 U.S.C. hbbd```b``N+d$X$D2I>0?f\0{@$^.KHx$#x@ 4/J On 3 March 2011, the European Council adopted Regulation 204/2011 Concerning Restrictive Measures in View of the Situation in Libya to give effect to UNSCR 1970. 0000035919 00000 n Separately a partial asset freeze is imposed on two UN designated persons, the Libyan Investment Authority and the Libyan Africa Investment Portfolio. 0000010700 00000 n It will take only 2 minutes to fill in. It is therefore critical for any US-connected persons or entities, or those within the jurisdiction of the US, to seek authorisation from the OFAC before entering into a transaction with an entity owned, directly or indirectly, by a blocked person. Full details of the U.S. regime and lists of OFAC Specially Designated Persons can be found on the U.S. Department of the Treasury website: https://www.treasury.gov/resource-center/sanctions/Programs/pages/libya.aspx, Corporate web design: Parker Design Consultants, #php get_template_part('templates/content', 'single'); ?>, https://www.treasury.gov/resource-center/sanctions/Programs/pages/libya.aspx. Updated with 'Latest HM Treasury notice, 25/09/2018 (Libya) (Reg 2018/1285)'. It is not surprising therefore that, depending upon the sector and context, appeals are common. 0000035143 00000 n Updated with 'Latest HM Treasury notice, 29/11/2018 (Libya) (Reg 2018/1863)'. We use some essential cookies to make this website work. version of this document in a more accessible format, please email, Check benefits and financial support you can get, Office of Financial Sanctions Implementation, Current list of designated persons: Libya, The Libya (Sanctions) (EU Exit) Regulations 2020, The Libya (European Union Financial Sanctions) Regulations 2016 (S.I. General licenses allow all U.S. persons to engage in the activity described in the general license without needing to apply for a specific license. Page updated to reflect some changes to recently adopted EU Regulation. As noted above, the sanctions legislation is intended to deprive designated persons of any financial support and economic resources that could be used to obtain funds. On 19 March 2014 the UN Security Council adoptedResolution 2146/2014banning illicit crude oil exports from Libya and authorizing inspection of suspect ships on high seas. The immediate challenge faced by companies involved in business with Libyan entities is to determine whether or not their business transactions involve designated persons, and, if sanctions laws do apply, whether it is possible to obtain a licence from their local competent authority, to ensure that no civil or criminal breach of sanctions law is committed. EU Council Regulation 204/2011 gives effect to UN Resolution 1970/2011, but also extends the arms embargo to include any equipment that might be used for internal repression, as well as dual use goods that could potentially have that purpose. The provisions of LAFR 2011 and LFSO 2011 each have extra-territorial effect and apply to conduct by UK nationals or body corporates, irrespective of whether the offending conduct is committed outside the UK. The new order designates those involved in activities that undermine Libya's political transition to the Government of National Accord or its successors, threaten the peace or security of the country, misappropriate state assets, etc.. The Resolution also requires Member States to freeze the assets of various individuals. endstream endobj 226 0 obj <>/Filter/FlateDecode/Index[18 172]/Length 28/Size 190/Type/XRef/W[1 1 1]>>stream It may be in your and the U.S. governments interest to authorize particular economic activity related to the Libya Sanctions. any crude oil exports that are not approved by the official Libyan government) and requires Member States to (a) inspect vessels designated by the UN that might be carrying illicit crude oil (b) ensure the return to Libya of any illicit crude oil thereby discovered and (c) prevent any designated vessel carrying illicit crude from calling at any of their ports. On 17 March 2011, the UN Security Council adoptedResolution 1973/2011which widened the scope of Resolution UNSCR 1970 (2011) and designated additional persons and entities who were subject to restrictions. xref All of your help and support is most appreciated. Sanctions were gradually removed from September 2011 onwards. 0000008526 00000 n Updated with 'Latest HM Treasury notice, 12/09/2018, Libya'. The first step against the Qadhafi regime was taken on3 March 2011,with arms embargo and asset freezes. Though General Licence 1 does not refer to LAFR 2011, but only to LFSO 2011, it appears that the wording of paragraph 4 of General Licence 1 is broad enough to grant authorisation under LAFR 2011 as well as the LFSO 2011. 0000052461 00000 n This website uses cookies to improve your experience. A full asset freeze is imposed on various persons. However, until recently, taxpayers resident in these two countries have been encumbered by a rather outdated regime dealing with the avoidance of double taxation. /E(hy$Q~LJw8ToCn>\[_uIrfKpoNm\WxzZW1JU}+%tZz5;~9a