Implementation of UN Security Council Resolutions No. 1267 (1999), 1988 (2011), and 1989 (2011), and Any Related Successor Resolutions

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Text/Section 1, Circular No. 136, dated 30-6/2022

Fundamental Circular for Banks No. 136
Also addressed to Financial Institutions and all institutions subject to the licensing or supervision of Banque du Liban

We enclose herewith a copy of Fundamental Decision No. 12147 dated 22/12/2015 concerning the implementation of United Nations Security Council Resolutions No. 1267 (1999), No. 1988 (2011), and No. 1989 (2011), and any related successor resolutions.

Beirut, on December 22, 2015
Governor of Banque du Liban
Riad T. Salamé

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Fundamental Decision No. 12147
Implementation of United Nations Security Council Resolutions No. 1267 (1999), No. 1988 (2011), and No. 1989 (2011), and any related successor resolutions

The Governor of Banque du Liban, having regard to the Monetary and Loan Act, particularly Articles 174 and 182 thereof, and pursuant to Law No. 347 dated August 6, 2001 concerning the regulation of the money-changing profession in Lebanon, particularly Article 13 thereof, and pursuant to Law No. 160 dated December 27, 1999 concerning the regulation of financial leasing operations, particularly Article 20 thereof, and pursuant to Law No. 44 dated November 24, 2015 (combating money laundering and terrorist financing), particularly the provisions of items 2 and 5 of Article 6 thereof, and having regard to the decision of the Central Council of Banque du Liban taken in its meeting held on December 9, 2015,

hereby decides as follows:

Article 1: Banks, financial institutions, and all other institutions subject to the licensing or supervision of Banque du Liban are each requested, as applicable, to do the following:

1. Continuously review any updates made on the United Nations Security Council website (UNSC Website) concerning designated names listed in the lists issued pursuant to UN Security Council Resolutions No. 1267 (1999), No. 1988 (2011), and No. 1989 (2011) and any related successor resolutions, or specifically relating to the lists issued by sanctions committees, and automatically and immediately without prior notice and within hours of the issuance of the listing decision, freeze funds, accounts, operations, or other assets belonging to such names upon their listing, regardless of whether they are held directly or indirectly, jointly, etc., provided that the "Special Investigation Unit" is notified within a maximum of 48 hours with confirmation of such action and the available information regarding the concerned name. Freezing is understood as prohibiting the transfer, conversion, disposal, or movement of funds and other assets when they are owned or controlled by listed persons or entities.
   1 - This item was amended pursuant to Article 51 of Interim Decision No. 13440 dated May 27, 2022 (Interim Circular No. 625).
2. Notify the "Special Investigation Unit" in case of a name match between one of its clients' names and the specified details listed in the lists issued pursuant to the aforementioned UN Security Council Resolutions (Item 1 above) and/or those issued by sanctions committees.

Article 2: The provisions of this decision apply to branches and sister or subsidiary institutions abroad.

Article 3: Any person violating the provisions of this decision, particularly regarding non-compliance with the immediate freezing obligation mentioned in Item 1 of Article 1 above, shall be subject to the penalties stipulated in Article 13 of Law No. 44 dated November 24, 2015.

Article 4: This decision takes effect upon its issuance.

Article 5: This decision shall be published in the Official Gazette.

Beirut, on December 21, 2015
Governor of Banque du Liban
Riad T. Salamé