EXPLANATORY NOTE
(This note is not part of the Order)
The Order amends the Libya (Restrictive Measures) (Overseas Territories) Order 2011 to give effect to resolution 2009 (2011) adopted by the Security Council of the United Nations on 16th September 2011 and Council Regulation (EU) No 965/2011 adopted by the Council of the European Union on 28th September 2011. It also gives effect to a change to the humanitarian purposes exemption to the EU autonomous asset freeze, which was introduced by Council Regulation (EU) No. 572/2011 adopted by the Council of the European Union on 16th June 2011, amending Council Regulation (EU) No 204/2011. The Order also makes minor corrections to the principal Order.
The substantive provisions include the following:
Article 2(1)(b) removes from the definition of “designated person”, and therefore from the scope of the asset freeze imposed on designated persons, the Libyan National Oil Corporation, Zueitina Oil Company, the Central Bank of Libya, the Libyan Arab Foreign Bank, the Libyan Investment Authority and the Libyan Africa Investment Portfolio.
Article 2(4) adds two new exemptions to the arms embargo.
Article 2(5) imposes a freeze on the assets and economic resources of the Central Bank of Libya, the Libyan Arab Foreign Bank, the Libyan Investment Authority and the Libyan Africa Investment Portfolio that are outside Libya and were subject to the asset freeze under the principal Order on 16th September 2011 (“the partial asset freeze”).
Article 2(7)(c) provides for a new exemption to the partial asset freeze.
Article 2(15) extends the scope of the humanitarian exemption to the EU asset freeze referred to in Part 2 of the principal Order.