Our Ref.: B10/1C
B1/15C

20 March 2012

The Chief Executive
All authorized institutions

Dear Sir/Madam,

United Nations Sanctions Ordinance

I am writing to inform you of the following developments:

(i) United Nations Sanctions (Libya) Regulation 2011 (Amendment) Regulation 2012

The Chief Executive-in-Council has approved the United Nations Sanctions (Libya) Regulation 2011 (Amendment) Regulation 2012 (“the Amendment Regulation”) under the United Nations Sanctions Ordinance (Cap. 537). The Amendment Regulation was published in the Government Gazette (L.N. 42 of 2012) on 16 March 2012 and is available on the government’s website (http://www.gld.gov.hk/egazette/).

The Amendment Regulation amends the existing sanctions against Libya to implement certain decisions of the United Nations Security Council under Resolution 2009 and 2016. The following provisions in the Amendment Regulation are of particular relevance to AIs:

• section 2 provides a definition of “designated Libyan entity”, replacing the definition of “Libya”, which has been repealed; and

• section 3 which amends the asset freeze measures in section 7 of United Nations Sanctions (Libya) Regulation 2011, Cap.537AW by providing prohibition against dealing with, directly or indirectly, any funds or other financial assets or economic resources, which are frozen as of the date of United Nations Security Council Resolution 2009 (i.e. 16 September 2011), and owned by or otherwise belonging to, or held by any one of the designated Libyan entities.

  (ii) United Nations Sanctions (Afghanistan) Regulation 2012 and United Nations Sanctions (Afghanistan) Regulation (Repeal) Regulation

The Chief Executive-in-Council has approved the United Nations Sanctions (Afghanistan) Regulation 2012 (“the Regulation”) and the United Nations Sanctions (Afghanistan) Regulation (Repeal) Regulation (“the Repeal Regulation”) under the United Nations Sanctions Ordinance (Cap. 537). The Regulation and the Repeal Regulation were published in the Government Gazette (L.N. 43 & 44 of 2012) on 16 March 2012 and are available on the government’s website (http://www.gld.gov.hk/egazette/).

The Regulation implements sanctions against Afghanistan imposed by the United Nations Security Council under Resolution 1988. We would like to draw AIs’ attention to section 6 of the Regulation which prohibits making available funds or other financial assets or economic resources to certain persons or entities, or dealing with funds or other financial assets or economic resources belonging to such persons or entities, except with a licence.

Yours faithfully,

Nelson Man
Executive Director (Banking Supervision)