The Libyan Investment Authority (LIA) welcomed yesterday the issuance by the UN Security Council, on 1 May 2026, of the updated version of Implementation Assistance Notice No. 6, which came in response to the LIA’s repeated requests and communications for clarification on the correct interpretation of asset freezing measures and the protective legal nature of these measures.
The LIA affirmed that the updated version of the memorandum addresses a fundamental problem it has faced in recent years: the misinterpretation by several countries, banks, and international financial institutions of the asset freeze decisions.
The LIA said it was mistakenly treated as an entity subject to international sanctions, whereas the freeze decisions are purely preventative, aimed at protecting these assets and preserving their value from erosion and devaluation. The LIA said the updated Implementation Assistance Notice No. 6 explicitly and unequivocally confirms that the asset freeze measures are preventative and protective, not punitive. It also stipulates the prohibition of misuse or embezzlement of these assets. Furthermore, the updated Implementation Assistance Notice No. 6 resolves a crucial issue: the necessity of crediting the proceeds from these frozen assets to the LIA’s accounts – while they remain frozen.
The LIA said the issuance of this updated Implementation Assistance Notice No. 6 reflects the strong cooperation and mutual trust between the LIA, the UN Security Council’s Special Committee on Libya, and the Panel of Experts, as well as the joint work undertaken over the past years to preserve the value of these assets and prevent their misuse.
The LIA said it hopes that this clarification will serve as a clear, sufficient, and unambiguous reference for countries, banks, and international financial institutions, leaving no room for misinterpretation. It calls upon them to fully comply with the contents of this memorandum, thereby supporting the true and protective objectives of the asset freeze measures, and to fully cooperate with the LIA’s efforts to preserve these assets and maximize their value.
This includes, in particular, enabling the LIA to reinvest uninvested cash balances to generate sustainable returns and protect them from the risks of erosion and devaluation, in accordance with the precautionary purpose established by the relevant UN Security Council resolutions.
