Hong Kong Regulations

UNITED NATIONS SANCTIONS (LIBYA) REGULATION - SECT 11

Assets of Libya

Caution: This is a past version. See the current version here.

(1) Except with permission granted by the Chief Executive, no person shall-

   (a)  make any payment or part with any gold, securities or investments; or

   (b)  make any change in the persons to whose credit any sum is to stand or
        to whose order any gold, securities or investments are to be held,
        where any such action is action to which this section applies.

(2) Subject to the provisions of subsection (3), this section applies to any
action which is likely to make available, or otherwise to result in the
remittance or transfer, to or for the benefit of any of the following persons-

   (a)  the Government of Libya;

   (b)  any persons or bodies exercising for the time being public functions
        in Libya; or

   (c)  any Libyan undertaking, any funds or other financial resources,
        whether by their removal from the HKSAR or otherwise.

(3) The provisions of this section shall not apply to any funds or other
financial resources which represent amounts derived from or are otherwise
attributable to the sale of petroleum or petroleum products or agricultural
products or commodities originating in Libya and exported therefrom after 30
November 1993: Provided that any such funds (but not other financial
resources) are held in an account with a relevant institution in the HKSAR
which is used exclusively for such funds and any interest derived from them.

(4) Any permission granted by the Chief Executive under this section may be
granted either absolutely or subject to conditions and may be varied or
revoked at any time by the Chief Executive.

(5) In this section-

"Libyan undertaking" (利比亞企業) means any entity, wherever incorporated
or constituted, which is controlled by the following persons-

   (a)  the Government of Libya;

   (b)  any person or body exercising for the time being public functions in
        Libya; or

   (c)  any person acting on behalf of any of the above-mentioned persons;

"petroleum" (石油) means a naturally occurring mixture including
hydrocarbons;

"petroleum products" (石油產品) means any products, other than chemicals,
which may be obtained by primary distillation or secondary refining from
petroleum and includes natural gas, petroleum ether, solvents, benzene,
naphtha, motor spirits (including aviation spirit), kerosenes (including jet
fuel), heavy oils, fuel oils, lubricating oils, greases, petroleum jelly,
paraffin wax and asphaltic bitumen;

"relevant institution" (有關機構) means-

   (a)  the Monetary Authority appointed under section 5A of the
        Exchange Fund Ordinance ( Cap 66);

   (b)  any person who may lawfully accept deposits, within the meaning of
        section 2 of the Banking Ordinance ( Cap 155), in or from within the
        HKSAR in the course of carrying on a business of taking deposits.

"Libyan undertaking" (利比亞企業) means any entity, wherever incorporated
or constituted, which is controlled by the following persons-

   (a)  the Government of Libya;

   (b)  any person or body exercising for the time being public functions in
        Libya; or

   (c)  any person acting on behalf of any of the above-mentioned persons;

"petroleum" (石油) means a naturally occurring mixture including
hydrocarbons;

"petroleum products" (石油產品) means any products, other than chemicals,
which may be obtained by primary distillation or secondary refining from
petroleum and includes natural gas, petroleum ether, solvents, benzene,
naphtha, motor spirits (including aviation spirit), kerosenes (including jet
fuel), heavy oils, fuel oils, lubricating oils, greases, petroleum jelly,
paraffin wax and asphaltic bitumen;

"relevant institution" (有關機構) means-

   (a)  the Monetary Authority appointed under section 5A of the
        Exchange Fund Ordinance ( Cap 66);

   (b)  any person who may lawfully accept deposits, within the meaning of
        section 2 of the Banking Ordinance ( Cap 155), in or from within the
        HKSAR in the course of carrying on a business of taking deposits.