Regulatory Alerts2011-01-01
Bank of Zambia Directive Implementing UN Security Council Resolution 2009 (2011) on Libya
The Bank of Zambia issued Directive 05/2011 to modify asset freeze measures in Zambia in accordance with United Nations Security Council Resolution 2009 (2011). The directive lifts restrictions on the Libyan National Oil Corporation and Zueitina Oil Company, while allowing transactions with the Central Bank of Libya, Libyan Arab Foreign Bank, Libyan Investment Authority, and Libyan Africa Investment Portfolio for funds generated after September 16, 2011. Financial institutions are instructed to utilize updated UN consolidated lists and may grant exemptions for humanitarian needs, civilian infrastructure, and the resumption of Libyan hydrocarbon production.
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