Financial Sanctions: Libya

This news release is issued in respect of the financial sanctions measures relating to Libya.

Annex V to Regulation (EU) No 2016/44 have been amended with effect from 11 August 2017, following the publication of Commission Implementing Regulation (EU) No 2017/1456.

The Amending Regulation reflects the decisions made on 2 August 2017 by the United Nations Security Council Committee to add 1 entity to the UN Libya list.

The vessel listed below is added to the list of vessels subject to restrictive measures set out in Annex V to Regulation (EU) 2016/44.

Addition

Entity

LYNN S

UN andEUListing.

UN Ref LYe.005. IMO: 8706349. This designation is valid from 2 August to 2 November 2017 unless terminated earlier. Flag State: Saint Vincent and the Grenadines. As of 26 July 2017 the vessel was located in international waters approx. 50 nautical miles southeast of Cyprus.

Listed on: 11/08/2017 Last Updated: 11/08/2017 Group ID: 13520.

Financial institutions and other persons are required to check whether they maintain any accounts or otherwise hold funds, financial assets, economic benefits and economic resources for the designated entity.  If so, they must freeze such accounts or funds and, unless licensed by the Treasury, refrain from dealing with said funds or economic resources, and suspend the provision of any financial services.  They must also report their findings to the Sanctions Officer at the Customs and Excise Division of the Treasury. 

Failure to comply with financial sanctions legislation or to seek to circumvent its provisions is a criminal offence.

Further details of the sanctions regime related to Libya and links to the UK’s Consolidated List of individuals and entities subject to other financial sanctions regimes may be found  on the Customs and Excise pages of the Isle of Man Government website.