UK Updates Libya Sanctions Guidance
The U.K.'s Office of Financial Sanctions Implementation on Sept. 30 updated its Libya sanctions guidance. The updated page includes amended sections on full and partial asset freezes, the Libyan Investment Authority and Libya Africa Investment Portfolio and ownership and ownership…
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and control. Further, the revised guidance includes a new section on exceptions and licenses. Such exceptions include not requiring a party to obtain a license for a relevant institution crediting a frozen account with interest due on the account, for a relevant institution crediting a frozen account where it gets funds transferred to that institution for crediting to the account and when funds are transferred to a relevant institution for crediting to an account held by a designated party in discharge of an obligation that came up before the party was designated.