Explanatory note

This Order makes provision in respect of Liberia in consequence of Council Regulation (EC) No. 234/2004 of 10 February 2004 (“the 2004 Regulation”) and Council Regulation (EC) No. 1126/2006 of 24 July 2006 which amends the 2004 Regulation.

Article 2 revokes the Liberia (Technical Assistance and Financing and Financial Assistance) (Penalties and Licences) Regulations 2004 which made provision in relation to the 2004 Regulation.

The Order also provides that breaches of certain provisions of the Regulation are to be criminal offences. Articles 3 and 4 create offences in respect of the provisions of Article 2 of the Regulation. Article 5 provides for the licensing of transactions set out in article 3 of the Order. Articles 6 and 7 provide penalties in respect of criminal offences created by the Order and for their enforcement.

A regulatory impact assessment has not been produced for this instrument as it has no impact on the costs of business.