1. Freezing the Designated Funds in Accordance With the Mechanisms Issued to Enforce Security Council Resolutions Related to Combating Terrorism and its Financing
| No: 391000014326 | Date(g): 26/10/2017 | Date(h): 6/2/1439 |
Effective from 2017-10-26 - Oct 25 2017
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| 1.1 | In adherence to Security Council resolutions on combating of terrorism and its financing, and in execution of the corresponding mechanisms, financial institutions shall promptly freeze, within hours and without prior notification, any funds, economic resources, or property, whether wholly or partially owned, controlled, or possessed, directly or indirectly, by any of the following: | ||
| (a) | Any individual, group, or entity listed by the Security Council Committee (2253/1989/1267) or the Security Council Committee (1988). | ||
| (b) | Any individual acting on behalf of, at the direction of, or directly or indirectly owned or controlled by a person, group, or entity included in the Security Council lists referred to above in paragraph (a).
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| 1.2 | The implementation mechanisms of Security Council resolutions aimed at combating terrorism and its financing strictly forbid any natural or legal person, including all categories of financial institutions, from providing funds, economic resources, or property to any listed person, group, or entity. This covers preparations to offer any form of financial or other services, directly or indirectly, to these individuals or for their benefit, unless their names have been delisted by the Security Council committees or explicit prior authorization has been granted by SAMA. | ||
| 1.3 | The mechanisms additionally mandate continuous updating of the data of those on the United Nations lists on a daily basis, by referencing the websites of the (2253/1989/1267) Committee and the (1988) Committee. Both committees maintain websites containing updated lists of the names of listed individuals. These websites can be accessed at the following two addresses:
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| 1.4 | SAMA must be notified within a maximum of five working days in the event of a freeze, and complete details of the account or transaction must be provided as outlined in Paragraph (3.3-c) of this guide. In case of name similarity, SAMA will be promptly notified, and appropriate measures will be undertaken by financial institutions. These measures may include freezing or not freezing funds until directives are received from SAMA. The decision will be based on the degree of similarity assessed by the financial institutions, utilizing the information and data available to them. | ||
| 1.5 | Freezing will be promptly put in place for names designated by the Kingdom of Saudi Arabia in accordance with Security Council Resolution No. (1373). Freeze requests are issued through the Presidency of State Security (the Permanent Counter-Terrorism Committee) and transmitted to financial institutions via SAMA. | ||
| 1.6 | Payments made to listed individuals, groups, institutions, or entities may be permitted to be credited to the frozen accounts, on the condition that these payments remain frozen and that SAMA is notified accordingly. | ||