- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
Statutory Instruments
Criminal Law
Made
at 10.30 a.m. on 29th September 2011
Laid before Parliament
at 2.00 p.m. on 29th September 2011
Coming into force
at 3.00 p.m. on 29th September 2011
The Treasury are designated(1) for the purposes of section 2(2) of the European Communities Act 1972(2) in relation to restrictive measures against persons or bodies listed by an international organisation.
The Treasury make the following Regulations in exercise of the powers conferred by section 2(2) of the European Communities Act 1972:
1. 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.
2.—(1) The Libya (Asset-Freezing) Regulations 2011(3) 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(4).”; and
(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).”.
Jeremy Wright
Angela Watkinson
Two of the Lords Commissioners of
Her Majesty’s Treasury
At 10.30 a.m. on 29th September 2011
(This note is not part of the Regulations)
These Regulations make provision relating to the enforcement of Council Regulation (EU) No. 965/2011 of 28 September 2011 amending Regulation (EU) No. 204/2011 concerning restrictive measures in view of the situation in Libya.
Council Regulation (EU) No. 204/2011has been amended so that four entities (Central Bank of Libya, Libyan Arab Foreign Bank (also known as the Libyan Foreign Bank), Libyan Investment Authority and Libyan Arab Investment Portfolio) are no longer listed in Annex II to the Council Regulation as entities all of whose assets are frozen. The four entities remain subject to a modified asset freeze under Article 5(4) of the Council Regulation. These Regulations provide that the penalties contained in the Libya (Asset-Freezing) Regulations 2011 will apply to breaches of the modified asset freeze in respect of those four entities.
The Schedule to the Libya (Asset-Freezing) Regulations 2011 is amended so that the information provisions it contains continue to apply in relation to the four entities.
An impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen. Further information is available from the Asset Freezing Unit, HM Treasury, 1 Horse Guards Road, London SW1A 2HQ and on the HM Treasury website (www.hm-treasury.gsi.gov.uk).
European Communities (Designation) (No.3) Order 2010 (S.I. 2010/1834).
1972 c. 68. Section 2(2) was amended by section 27(1)(a) of the Legislative and Regulatory Reform Act 2006 (c.51) and the European Union (Amendment) Act 2008 (c.7), Schedule, Part 1.
Council Regulation (EU) No. 965/2011 of 28 September 2011 amending Regulation (EU) No. 204/2011 concerning restrictive measures in view of the situation in Libya (OJ L No. 253 29.9.2011, p.8), which came into force on 29th September 2011.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: