Financial Sanctions Notice in respect of financial measures relating to Libya
February 27, 2011
On 26 February 2011 the United Nations Security Council adopted Resolution 1970 (2011), to freeze the foreign assets of Libya's Muammar Qadhafi.
The UK has since issued an Order in Council which applies to all UK banks and other financial institutions requiring them to deny funds, financial assets and economic resources to designated persons including various members of the Qadhafi family. The effect of the asset freeze is not limited to assets held in the name of a designated person, it also extends to any funds, other financial assets or economic resources owned or controlled by them.
The Libya (Financial Sanctions) Order 2011 ('the Order'), which gives effect to Resolution 1970 (2011) in the UK, came into force at 5:15 pm on 27 February 2011.