12Prohibitions relating to controlled assets

12 Prohibitions relating to controlled assets

(1) A person contravenes this subregulation if: (a) the person holds a controlled asset; and (b) the person: (i) uses or deals with the controlled asset; or (ii) allows the controlled asset to be used or dealt with; or (iii) facilitates the use of, or the dealing with, the controlled asset; and (c) the use or dealing is not authorised by a permit under regulation 12C or 13A. (2) Subregulation (1) does not apply in relation to a controlled asset that: (a) is owned or controlled by: (i) the Libyan Investment Authority; or (ii) the Libyan Africa Investment Portfolio; and (b) was not outside Libya and frozen on 16 September 2011.

Note: A defendant bears an evidential burden in relation to the matter in subregulation (2): see subsection 13.3(3) of the Criminal Code.

(3) For an offence under section 27 of the Act that relates to a contravention of subregulation (1) by an individual, strict liability applies to the circumstance that the use of, or dealing with, the asset is not authorised by a permit under regulation 12C or 13A. (4) Section 15.1 of the Criminal Code (Extended geographical jurisdiction—category A) applies to an offence under section 27 of the Act that relates to a contravention of subregulation (1).

Note 1: Subregulation (4) has the effect that the offence has extraterritorial operation.

Note 2: This regulation is specified as a UN sanction enforcement law in the Charter of the United Nations (UN Sanction Enforcement Law) Declaration 2008.