Afriqiyah Airways, Libyan National Oil Corporation and Zuietina Oil Company have been removed from the list of sanctioned entities and are no longer subject to restrictive measures, the Malta Financial Services Authority said.

The measure could be taken following the coming into effect of two EU regulations, which have immediate effect in Maltese law.

The UN resolution and the new EU regulation allow member states to authorise the release of frozen funds to the Libyan people specifically for: humanitarian needs, fuel, electricity and water for strictly civilian uses, resuming Libyan production and sale of hydrocarbons, establishing, operating, or strengthening institutions of civilian government and civilian public infrastructure, or facilitating the resumption of banking sector operations, including to support or facilitate international trade with Libya.

The MFSA calledupon licence holders to consider the terms of the new UN resolution and EU Regulations carefully and to take all steps as may be required for their immediate implementation.

It reminded its licence holders to continue to exercise vigilance, tomonitor their business relationships and verify their records on an on-going basis to ensure that they did not in any way support activities, individuals or entities which were subject to sanctions or other restrictive measures which remained in place.

The MFSA’s notice in full can be read in the pdf link below.

Attached files

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