2. Funds to be Frozen Under the Resolutions
| No: 391000014326 | Date(g): 26/10/2017 | Date(h): 6/2/1439 | Status: In-Force |
Translated Document
Effective from 2017-10-26 - Oct 25 2017
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| 2.1 | The obligations outlined in the mechanisms for implementing Security Council resolutions related to combating terrorism and its financing extend to any "funds," a term that is broadly defined to include: “various forms of 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 encompasses 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 aimed at concealing 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. Disposition of such funds will only occur after consultation with SAMA, which subsequently notifies the Presidency of State Security (the Permanent Committee for Combating Terrorism) for investigation, with each case being handled individually. |