14.11.2000 Official Journal of the European Communities L 287/19 (Acts whose publication is obligatory) COUNCIL REGULATION (EC) No 2488/2000 of 10 November 2000 maintaining a freeze of funds in relation to Mr Milosevic and those persons associated with him and repealing Regulations (EC) Nos 1294/1999 and 6072000 and Article 2 of Regulation (EC) No 926/98 THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Community, and in particular Articles 60 and 301 thereof, Having regard to Common Position 2000/599/CFSP of 9 October 2000 on support to a democratic FRY and the immediate lifting of certain restrictive measures ('), and to Common Position 2000/696/CFSP of 10 November 2000 on the maintenance of specific restrictive measures directed against Mr Milosevic and persons associated with him (%), Having regard to the proposal from the Commission, Whereas: (1)  On 15 June 1999, the Council adopted Regulation (EC) No 1294/1999 concerning a freeze of funds and a ban on investment in relation to the Federal Republic of Yugoslavia (FRY) (}) because of the continued violation of human rights and international humanitarian law by the Government of that country. (2)  Following the elections on 24 September 2000, a new President of the FRY was democratically elected and formally sworn in, namely Mr V. Kostunica. (3)  On 9 October 2000, the Council approved a declaration on the FRY calling for a lifting of all sanctions imposed on the FRY since 1998, with the exception of the provi- sions affecting the former President of the FRY, Mr Slobodan Milosevic and those persons associated with him, as they continue to represent a threat to the consolidation of democracy in the FRY. (4)  Therefore, the scope of provisions of the present legal framework concerning the freezing of funds held abroad by the Governments of the FRY and of the Republic of () O] L 261, 14.10.2000, p. 1. (¥) See page 1 of this Official Journal. () O] L 153, 19.6.1999, p. 63. Regulation as last amended by Commission Regulation (EC) No 1440/2000 (O] L 161, 1.7.2000, p. 68). Serbia should be restricted to cover Mr. Milosevic and the persons associated with him. (5)  These measures fall within the scope of the Treaty. (6)  Therefore, and with a view to avoiding distortion of competition, Community legislation is necessary for the implementation of the said measures as far as the terri- tory of the Community is concerned. Such territory is deemed to encompass, for the purposes of this Regula- tion, all the territories of the Member States to which the Treaty is applicable, under the conditions laid down in that Treaty. (7)  The competent authorities of the Member States should, where necessary, be empowered to ensure compliance with the provisions of this Regulation. (8)  There is a need for the Commission and the Member States to inform each other of the measures taken under this Regulation and of other relevant information at their disposal in connection with this Regulation, without prejudice to existing obligations with regard to certain items concerned. (9 It is desirable that penalties for violations of the provi- sions of this Regulation can be imposed as of the date of the entry into force of this Regulation. (10)  For reasons of transparency and simplicity, the main provisions of Regulation (EC) No 1294/1999 have been incorporated into this Regulation and therefore the former Regulation shall be repealed. For the same reasons, Regulation (EC) No 607/2000 (%) and Article 2 of Regulation (EC) No 926/98 () should also be repealed. (11) A procedure should be laid down for amending the Annexes to this Regulation and for granting specific exemptions for strictly humanitarian purposes. (*) OJ L 73, 22.3.2000, p. 4. Regulation as last amended by Regulation (EC) No 2227/2000 (O] L 261, 14.10.2000, p. 3). () OJ L 130, 1.5.1998, p. 1.