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EU Freezes Assets of Designated Individuals and Entities
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The European Union has announced the freezing of assets under its control, aimed at disrupting the financial networks of individuals and entities linked to the Libyan regime. This decision was made in accordance with United Nations Security Council Resolution (UNSCR) 1970 (2011), which imposed sanctions on Libya.
Scope of the Freeze
According to Article 5(2) of the EU’s Regulation, all funds and economic resources belonging to or owned by individuals and entities listed in Annex II or III are frozen. This includes:
- Interest or other earnings on those accounts
- Payments due under contracts, agreements, or obligations that were concluded or arose before the date of designation
Exceptions
The regulation allows for certain exceptions. Article 10 provides that the competent authorities of Member States may authorize the release of frozen funds or economic resources if they are used to make a payment by a listed person, entity, or body and meet specific conditions.
Liability Protection
Article 11 ensures that individuals and entities implementing the freeze measures in good faith will not be held liable for any damage caused. The article also provides protection against liability for those who made funds or economic resources available without knowing or having reason to suspect that their actions would infringe on the prohibition.
Provisions for Cooperation
The regulation includes provisions aimed at preventing the misuse of frozen assets and ensuring cooperation between Member States and the Commission. Article 13, for example, requires natural and legal persons, entities, and bodies to:
- Supply information about frozen accounts and amounts
- Cooperate with competent authorities in verifying that information
Purpose and Review
The EU’s asset freeze is part of a broader effort to support the transition in Libya and hold accountable those responsible for human rights abuses and other serious violations. The regulation will be reviewed regularly to ensure its effectiveness and relevance in achieving these goals.
Contact Information
For any inquiries or concerns related to the implementation of this Regulation, please contact:
- [Commission’s address and other contact details]
Effective Date
This Regulation shall apply from [date of entry into force].