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Effective from 2018-03-25 - Mar 24 2018 To view other versions open the versions tab on the right
2.1
The obligations outlined in the mechanisms for implementing Security Council resolutions on the prevention of the proliferation of WMD and their financing extend to any "funds," a term that is broadly defined to include: “assets, economic resources, or property, regardless of their origin or value. This includes tangible or intangible assets, movable or immovable property, as well as documents, instruments, or tools in any form, including electronic or digital systems and bank credits indicating ownership or interest. Examples of such assets include but are not limited to all types of checks, transfers, stocks, securities, bonds, bills of exchange, letters of credit, and any associated interest, profits, or income derived from these funds or assets, whether located within or outside Saudi Arabia”.
2.2
The freezing order extends to funds owned or controlled, directly or indirectly, in whole or in part, by the person concerned. The freezing order covers entities that the listed person controls directly or indirectly, even if not officially owned, such as joint bank accounts, trust funds, or entities owned indirectly through minors or spouses. It also includes shell or front companies utilized by the listed person, joint ventures they're part of, and entities with intricate or ambiguous ownership structures designed to conceal control or ownership by the listed person. These examples serve to illustrate that any funds subject to the control or ownership of a designated person, irrespective of the method—directly, indirectly, or through any mechanism—are covered by Security Council resolutions.
2.3
It is imperative to highlight that funds jointly owned, controlled, or held by the listed person, group, or entity and a non-listed person, group, or entity are subject to the freezing order in full. This includes the portion owned or controlled by the unlisted person, group, or entity. Disposal of the frozen funds will not occur without first consulting SAMA, which subsequently notifies the Ministry of Foreign Affairs (the Permanent Committee responsible for implementing Security Council resolutions issued under Chapter Seven of the United Nations Charter, established by Royal Order No. 7753/MB dated 29/10/1427 AH) for deliberation. Each case will be handled on an individual basis.
