The Libya (European Union Financial Sanctions) Regulations 2016

Freezing of funds and economic resources

3.—(1) A person (“P”) must not deal with—

(a) funds or economic resources belonging to, or owned, held or controlled by a designated person; or

(b) funds or economic resources belonging to, or owned, held or controlled by an Annex VI person on 16 September 2011 and located outside Libya on that date,

if P knows, or has reasonable cause to suspect, that P is dealing with such funds or economic resources.

(2) In paragraph (1) “deal with” means—

(a) in relation to funds—

(i) use, alter, move, allow access to or transfer;

(ii) deal with the funds in any other way that would result in any change in their volume, amount, location, ownership, possession, character or destination; or

(iii) make any other change that would enable their use, including portfolio management; and

(b) in relation to economic resources, exchange, or use in exchange, for funds, goods or services.

(3) Paragraph (1) is subject to regulation 9.