The Libya (United Nations Sanctions) (Channel Islands) Order 1993

Assets of Libya

12.—(1) Except with permission granted by or on behalf of the Treasury, no person mentioned in article 14 shall—

(a) make any payment or part with any gold, securities or investments; or

(b) make any change in the persons to whose credit any sum is to stand or to whose order any gold, securities or investments are to be held,

where any such action is action to which this article applies.

(2) Subject to paragraph (4) below, this article applies to any action which is likely to make available, or otherwise to result in the remittance or transfer, to or for the benefit of any of the following persons—

(a) the Government of Libya;

(b) any persons or bodies exercising for the time being public functions in Libya; or

(c) any Libyan undertaking,

any funds or other financial resources, whether by their removal from the Bailiwick of Guernsey or, as the case may be, the Bailiwick of Jersey or otherwise.

(3) Any permission granted by or on behalf of the Treasury under this article may be granted either absolutely or subject to conditions and may be varied or revoked at any time by, or on behalf of, the Treasury.

(4) The provisions of this article shall not apply to any funds or other financial resources which represent amounts derived from or are otherwise attributable to the sale of petroleum or petroleum products or agricultural products or commodities originating in Libya and exported therefrom after 30th November 1993:

• Provided that any such funds (but not other financial resources) are held in an account with a relevant institution in the Bailiwick of Guernsey or, as the case may be, the Bailiwick of Jersey which is used exclusively for such funds and any interest derived from them.

(5) In this article—

(a) “gold”, “payment” and “securities” shall have the meanings they bear in section 2 of the Emergency Laws (Re-enactments and Repeals) Act 1964(1);

(b) “investments” means any asset, right, or interest falling within any paragraph of Part 1 of Schedule 1 to the Financial Services Act 1986(2), which is not a security;

(c) “Libyan undertaking” means any entity, wherever incorporated or constituted, which is controlled by—

(i) the Government of Libya;

(ii) any person or body exercising for the time being public functions in Libya; or

(iii) any person acting on behalf of any of the above mentioned persons;

“petroleum” means a naturally occurring mixture including hydrocarbons;

“petroleum products” means any products, other than chemicals, which may be obtained by primary distillation or secondary refining from petroleum and includes natural gas, petroleum ether, solvents, benzene, naphtha, motor spirits (including aviation spirit), kerosenes (including jet fuel), heavy oils, fuel oils, lubricating oils, greases, petroleum jelly, paraffin wax and asphaltic bitumen;

“relevant institution” means—

(a) in the application of this Order to the Bailiwick of Guernsey, a person registered under section 4 of the Protection of Depositors (Bailiwick of Guernsey) Ordinance, 1971, or a person who, although not so registered, may by virtue of section 1 B of that Ordinance lawfully carry on the business of accepting money for the purpose of investment on deposit; and

(b) in the application of this Order to the Bailiwick of Jersey, a person registered under the Banking Business (Jersey) Law 1991 for the purpose of carrying on a deposit-taking business, or a person carrying on such a business within the meaning of Article 3 of that Law who is exempted from registration.

(1)

1964 c. 60.

(2)

1986 c. 60.