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Financial Sanctions: Libya

Friday, 30 November 2018

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

Annex II to Regulation (EU) No 2016/44 has been amended with effect from 29 November 2018, following the publication of Commission Implementing Regulation (EU) No 2018/1863 (“the Amending Regulation”).

The Amending Regulation reflects the decision made on 16 November 2018 by the United Nations Security Council Committee to add one individual to the UN Libya list.

Addition

Individual

BADI Salah

Position:  Senior commander of the armed anti-GNA Al-Somood front, also known as Fakhr or ‘Pride of Libya’, and the Misratan Al Marsa Central Shield brigade.  Other Information: UN Ref LYi.28.

Listed on:  19/11/2018              Last updated:  29/11/2018

Group ID:  13719

Financial institutions and other persons are requested 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 FIU.  Where a relevant institution has already reported details of accounts, other funds or economic resources held frozen for the designated entity they are not required to report these details again.

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 may be found on the Customs and Excise pages of the Isle of Man Government website.

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