S.I. No. 410/1993 - Financial Transfers (Libya) Order, 1993.

S.I. No. 410 of 1993.

FINANCIAL TRANSFERS (LIBYA) ORDER, 1993.

I, BERTIE AHERN, Minister for Finance, in exercise of the powers conferred on me by section 4 of the Financial Transfers Act, 1992 (No. 27 of 1992), hereby make the following order:

1. This Order may be cited as the Financial Transfers (Libya) Order, 1993.

2. (1) A financial transfer from the State to another country, being a transfer to a resident of Libya or by the order of or on behalf of such a resident, shall not be made without the permission of the Central Bank of Ireland and unless it is in accordance with any terms or conditions of the permission.

(2) In this Article "resident of Libya" means an individual living in Libya or any other person operating in Libya and includes any individual or other person acting on behalf of such an individual or other persons as aforesaid.

3. The Central Bank of Ireland may, for the purposes of the supervision of financial transfers and the due administration and enforcement of the provisions of this Order, give directions and issue instructions and a person to whom such a direction or instruction is given shall comply with it.

GIVEN under my Official Seal, this 23rd day of December, 1993.

BERTIE AHERN,

Minister for Finance.

EXPLANATORY NOTE.

This order imposes financial sanctions against Libya. It gives effect to United Nations Security Council Resolution, No. 883 of 1993.

The effect of this order is to require Central Bank approval for the transfer of any funds to a resident of Libya.