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4. Procedures to be Put in Place by Financial Institutions if the Freezing Order is Lifted
No: 391000014326
Date(g): 26/10/2017 | Date(h): 6/2/1439
Status: In-Force
Effective from 2017-10-26 - Oct 25 2017 To view other versions open the versions tab on the right
4.1
If the Security Council Committees (2253/1989/1267) and (1988) delists the name, the freeze must be promptly lifted without prior notice,(within hours), and SAMA must be informed accordingly, (as outlined in Paragraph 4.2 below), unless prior notice of non-lifting is received as a result of the designation in accordance with Security Council Resolution No. (1373). As for names whose transactions were previously frozen based on directives from SAMA, they remain frozen until instructions are received from the SAMA to lift the freeze.
4.2
SAMA must be informed of the lifting of the freeze within five working days from the date of the freeze being lifted, providing it with information on the status of the funds, any measures taken, the nature and amount of the unfrozen funds and any other information relevant to the decisions. Financial institutions should ensure that the information provided is accurate.
4.3
If the Security Council approves the partial lifting of frozen funds and other assets identified based on Security Council Resolution No. (1452), SAMA will promptly inform the financial institutions under its supervision regarding this development.
