News Release
Financial Sanctions: Liberia

13 December 2005

With the publication of Commission Regulation (EC) No 2024/2005 in the Official Journal of the European Union (O.J. L326, p.10) on 13 December 2005, the Commission of the European Communities has again amended the list of those subject to the financial sanctions applicable to the former Liberian President, Charles Taylor, and certain persons associated with him as designated by the Committee of the Security Council established pursuant to paragraph 21 of United Nations Security Council Resolution 1521 (2003). The list of targeted persons set out in the Annex to Commission Regulation (EC) No 2024/2005 amends the list of targeted persons in Annex I to Council Regulation (EC) No 872/2004 by adding 2 individuals and 30 entities.

The Bank of England, on behalf of Her Majesty’s Treasury, therefore announces that with effect from 13 December 2005 all funds or economic resources belonging to the persons listed in Annex I to Council Regulation (EC) No 872/2004, as amended by the Annex to Commission Regulation (EC) No 2024/2005, must be frozen. No funds or economic resources are to be made available, directly or indirectly, to or for the benefit of the listed persons. Financial institutions and other bodies and persons in the UK must check whether they maintain any accounts or otherwise hold any funds for the individuals and entities named and, if so, they should freeze the accounts or other funds and report the accounts or other funds and amounts frozen to the Bank of England.

Copies of this Commission Regulation, previous Regulations and related Bank Notices regarding the financial sanctions regime against Liberia are available from the Financial Sanctions pages of the Bank of England website.

The amendments made by the Commission of the European Communities are set out in the Annex to the Bank’s Notice issued today.

Note to Editors

On 12 March 2004, the United Nations Security Council adopted resolution 1532 (2004).
On 29 April 2004, the Council of the European Union adopted Council Regulation (EC) No 872/2004, which, inter alia, had the effect of freezing the funds and economic resources of the former President of Liberia, Charles Taylor and certain persons associated with him. The targeted persons were listed in Annex I of that Regulation which was published in the Official Journal of the European Union and entered into force on 30 April 2004 (O.J. L162, p.32).
The list of targeted persons in Annex I to Regulation (EC) No 872/2004 has subsequently been amended by: