Revises the basis for action under Chapter VII of the Charter of the United Nations to reflect the changed circumstances in Liberia; dissolves the Committee established under resolution 1343 (2001); establishes the 1521 Committee; imposes for a period of 12 months revised prohibitions in connection with arms, diamonds, timber, and the travel of designated individuals; and establishes a Panel of Experts, consisting of up to five members, for a period of five months.