EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations make provision relating to the enforcement of Council Regulation (EC) No. 872/2004 of 29 April 2004 (OJ L 162, 30.4.2004, p.32) concerning further restrictive measures in relation to Liberia (“the Council Regulation”).
The measures include the freezing of funds and economic resources of designated persons and ensuring that funds and economic resources are not made available to such persons or entities or for their benefit.
Regulation 2 defines designated person as any person named in Annex I to the Council Regulation (as amended from time to time).
Regulations 3 to 7 provide prohibitions against dealing with the funds or economic resources of a designated person or making funds or economic resources available, directly or indirectly, to or for the benefit of, a designated person.
Regulation 8 provides an exception to the prohibitions in regulations 4 and 5 where a frozen account is credited for a permitted reason.
Regulation 9 provides a licensing procedure to enable funds and economic resources to be exempted from the prohibitions.
Regulation 10 makes it an offence to breach any of the prohibitions in regulations 3 to 7 or to seek to circumvent those provisions. Regulations 12 to 15 contain provisions about penalties, proceedings and who, in relation to bodies corporate and other bodies, may be prosecuted for an offence under the Regulations.
Regulation 18 revokes the Liberia (Freezing of Funds and Economic Resources) Regulations 2004 and the Liberia (Freezing of Funds and Economic Resources)(Amendment No. 2) Regulations 2004.
The Schedule makes provision for information gathering and information disclosure.
A list of designated persons is available on the Internet at: www.hm-treasury.gov.uk/fin_sanctions_index.htm.
An impact assessment has not been produced for this instrument as no impact on the costs of business or the voluntary sector is foreseen. Further information is available from the Asset Freezing Unit, HM Treasury, 1 Horse Guards Road, London SW1A 2HQ and on HM Treasury’s website (www.hm-treasury.gov.uk).