The United Nations Security Council ('UNSC') constantly highlights the importance of international support for Libyan control over its territory and resources. The Council persistently promotes regional cooperation in order to stabilise the alarming situation in Libya. One main weapon used by the Council for said promotion is Resolution 2213 of 2015 whereby the prevention of illicit acts is highlighted. It is believed that the latter acts are one of the main causes of the destabilisation of Libya.
Also, the President of the United States of America, in view of the UNSC resolutions 2174 of 2014 and 2213 of 2015, enacted the Presidential Executive Order whereby individuals' assets may be seized if found guilty and responsible for or complicit in, to have engaged in, directly or indirectly in activities that threaten the peace, security and stability of Libya.
In view of Executive Order 13726, the United States Office of Foreign Assets Control (OFAC) sanctioned 3 individuals, 1 entity and 1 vessel. The Office found these persons, entities and bodies responsible for or complicit in actions which threatened the peace, security and/or stability of Libya. The latter was also accompanied by the provision of arms or related material.
One of the three individuals is also being deemed responsible, based on Executive Order 13726, for being or have been involved in the illicit exploitation of crude oil or any other natural resources in Libya, including but not limited to the illicit production, refining, brokering, sale, purchase or export of Libyan Oil.
Moreover, the OFAC has stated that all the assets including all property and interests in property of these persons that are in the possession or control of the US must be blocked and immediately reported to them. Also, all economic resources owned or controlled by the said persons are subject to an inquiry.
All the information in relation to the above mentioned sanctioned persons, entities and bodies are to be made available to both the OFAC and to the UN Panel of Experts in order to be fully efficient in the implementation of measure decided in the UNSC resolutions.
Needless to say, the Sanction Monitoring Board ('SMB') calls for particular attention regarding the decision taken by the OFAC, considering that the natural persons involved could have links in Malta and that a Maltese legal person features on the list. Hence, the SMB strongly encourages that all local economic operators and all local financial institutions are to carry out enhanced due diligence when dealing with the above mentioned sanctioned persons, entities and bodies.
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