Regulatory Alerts2018-07-22
Added · Updated
Instructions No. 1 of 2018 for Implementing Obligations under UN Security Council Resolutions 1267, 1989, and 2253
The National Committee for Combating Money Laundering and Financing of Terrorism issued Instructions No. 1 of 2018 to implement obligations under UN Security Council Resolutions 1267, 1989, and 2253. The document establishes a Technical Committee comprising representatives from various government ministries and regulatory bodies to manage the listing of individuals and entities associated with ISIS or Al-Qaeda. It mandates that financial institutions and designated non-financial businesses and professions freeze funds and economic resources of listed persons without delay, with enforcement bodies required to complete freezing actions within three working days. The instructions further define prohibited activities, listing criteria based on reasonable grounds, and procedures for requesting the release of frozen funds for essential needs or legal fees.