It also amends the licensing process for the use of funds for humanitarian grounds
HM Treasury have now issued an updated EU regulation 572/2011 that confirms that the six ports in Libya named below have been added to the sanctions list. It also amends the licensing processfor the use of funds for humanitarian grounds.
Click on the link for the HM Treasury public notice relating to Regulation 572/2011 and here for the full regulation.
HM Treasury has issued a circular outlining a number of changes to the EU sanctions regime as it applies to Libya. Please note:
1. Listing of Libyan ports
The EU published a Decision on 7 June 2011 that will affect trade with Libya as it sets out the EU’s intention to designate six port authorities in Libya for an asset freeze. The asset freeze will take effect on the publication of an implementing Regulation. This is expected shortly. HMT will publish a notification when the asset freeze of the port authorities takes effect.
The port authorities which will be subject to the asset freeze are:
- 1. Port authority of Tripoli
- 2. Port authority of Al Khoms
- 3. Port authority of Brega
- 4. Port authority of Ras Lanuf
- 5. Port authority of Zawia
- 6. Port authority of Zuwara
The Regulation will mean that no funds or economic resources can be made available, directly or indirectly, to, or for the benefit of, designated entities so that it will following publication of the Regulation no longer be possible for an entity subject to the jurisdiction of the EU to pay port or other fees to these port authorities for any reason, including to dock at the ports of Tripoli, Al Khoms, Brega, Ras Lanuf, Zawia or Zuwara.
2. Ports not listed by the EU
Libyan port authorities that are not listed will not be subject to an asset freeze. There is no prohibition on making payments to unlisted ports.
3. Prior Contracts Exception
Upon application to HMT there will be an exemption from the asset freeze to allow performance of prior contracts until 15 July 2011.The prior contracts exemption will not apply to contracts relating to oil, gas and refined products.
4. Humanitarian shipments
There will be an exemption from the EU asset freezes against Libya for humanitarian purposes. Applications for an exemption will have to be made to the competent authority in the relevant Member State
5. Enquiries to HMT
To facilitate more effective handling of enquiries and licence requests, HMT has issued a Libya sanctions enquiries template for persons who have Libya-related enquiries to fill in.
Pleaseclick on thelink for more detail:
http://www.hm-treasury.gov.uk/fin_sanctions_releasesindex.htm
UK: The Libya (Financial Sanctions) order
The UN adopted UNSCR 1970 (2011) on 26 February 2011. The resolution is given effect in the UK by “The Libya (Financial Sanctions) Order 2011″which entered into force on 27 February 2011.
Click here for a copy of the UK HM Treasury notice.
Other members of the UN will enact the sanctions through their own domestic enabling legislation.
The sanctions impose an asset freeze on assets owned or controlled by named Gadhafi family members.
Article 3 of the UK Order provides that all funds, other financial assets and economic resources owned or controlled by (a) persons listed in Annex II to UNSCR 1970 (2011) or designated by the competent United Nations Sanctions Committee pursuant to paragraph 24 of the Resolution, or (b) persons acting for or on their behalf or at their direction or entities owned or controlled by a designated person, must be frozen.
The persons listed by Annex II are:
1. QADHAFI, Aisha, Muammar DOB: 1978
2. QADHAFI, Hannibal, Muammar DOB: 20 September 1975
3. QADHAFI, Khamis, Muammar DOB: 1978
4. QADHAFI, Muammar, Mohammed, Abu Minyar DOB: 1942
5. QADHAFI, Mutassim DOB: 1976
6. QADHAFI, Saif al-Islam
Source: North of England P&I Club