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SA cuts business ties with Libya

May 24 2011 15:41 Sapa

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Cape Town - South African financial institutions have suspended business with entities linked to the Libyan government, Finance Minister Pravin Gordhan said on Tuesday.

Responding to a question in parliament, he said he could not disclose any further details.

"Particulars remain confidential and cannot be disclosed publicly."

He said South Africa remained committed to implementing the "letter and spirit" of the UN Security Council resolution.

He said South Africa remained committed to implementing the “letter and spirit” of the United Nations Security Council Resolutions 1970 and 1973 of 2011 on Libya.

On March 24, International Relations and Co-operation Minister Maite Nkoana-Mashabane, said the government affirmed its support for the resolution, which included sanctions and an arms embargo.

The resolution enforced a travel ban and assets freeze on Libyan leader Muammar Gaddafi, his inner circle and members of his family.

“The competent South African authorities under the leadership of the National Treasury are taking appropriate measures in compiling a list of items registered in the name of all individuals listed in the UN Security Council resolution number 1970 on the Libyan Arab Jamahiriya.”

This would be done in compliance with the articles of the two UNSC resolutions, resulting in all those who had been listed not having access to any funds or assets in the country, she said.

On March 11, Gordhan said the government was working with financial institutions to identify funds and assets belonging to the individuals or entities listed.

The Financial Intelligence Centre had been instructed to caution financial institutions not to become involved in any transactions or business relationships which might facilitate the provision of funds to persons or entities listed.

“In addition, 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.”

Gordhan said the government was also looking at other ways to give effect to the resolution.


pravin gordhan  |  libya  |  banking industry
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