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Johannesburg - Finance Minister Pravin Gordhan said on Friday he had instructed financial institutions to not do business with or provide support to the Libyan government and individuals named in a United Nations Security Council resolution.
The Reserve Bank would also ensure that Libyans are not allowed to repatriate any funds from South Africa, he said.
"I have, in terms of the Currency and Exchange Act, agreed with the governor of the South African Reserve Bank that she will instruct the Financial Surveillance Department of the Sarb to stop any such funds from leaving the country," he said.
The government was working with financial institutions to identify funds and assets belonging to Libyan individuals or entities identified in the UN resolution, Gordhan said.
The government "unequivocally welcomes and supports" the UN resolution which also called for the freezing of Libyan assets, he said.
An arms embargo and a travel ban against and a freeze of the assets of some individuals associated with the Libyan government have been agreed to in the resolution.
South Africa recognises the International Criminal Court and the resolution also provides for a referral to the prosecutor of the court.
The government is exploring "additional mechanisms to give effect to the UNSC resolution", Gordhan said.
The Reserve Bank would also ensure that Libyans are not allowed to repatriate any funds from South Africa, he said.
"I have, in terms of the Currency and Exchange Act, agreed with the governor of the South African Reserve Bank that she will instruct the Financial Surveillance Department of the Sarb to stop any such funds from leaving the country," he said.
The government was working with financial institutions to identify funds and assets belonging to Libyan individuals or entities identified in the UN resolution, Gordhan said.
The government "unequivocally welcomes and supports" the UN resolution which also called for the freezing of Libyan assets, he said.
An arms embargo and a travel ban against and a freeze of the assets of some individuals associated with the Libyan government have been agreed to in the resolution.
South Africa recognises the International Criminal Court and the resolution also provides for a referral to the prosecutor of the court.
The government is exploring "additional mechanisms to give effect to the UNSC resolution", Gordhan said.
