Freezing Funds as per the Sanctions List and Local Lists
Freezing Funds as per the Sanctions List and Local Lists: Terrorism Lists Regulation and Implementation of UN Security Council Resolutions on the Suppression and Combating of Terrorism, Terrorist Financing, Countering the Proliferation of Weapons of Mass Destruction and its Financing and Relevant Resolutions Abrogating: Cabinet Decision No. 20 dated 25/02/2019.
Freezing Funds As per the Sanctions List & Local Lists
1- Any person shall, Without Delay and without prior notice, freeze Funds as per the Sanctions List and Local Lists without limiting such measure to funds that may only be used to perpetrate a certain act, conspiracy, threat or agreement related to terrorism and its financing or WMD proliferation and its financing. The freezing measure shall include the following:
a- Funds owned or controlled, wholly or jointly, directly or indirectly, by the Listed Person or funds owned or controlled, wholly or jointly, directly or indirectly, by a person or organization acting on behalf or at the direction of the Listed Person;
b- Funds derived or generated from funds under sub-paragraph (a) of the present Article.
2- Any person must notify the Office of any freezing measures taken pursuant to Paragraph (1), within five business day of the date of the freezing.
3- No person shall make funds available or provide financial or other related services, whether in whole or in part, directly or indirectly, to any of the persons or entities mentioned in paragraph (1) of the present Article, except upon authorization from the Office in line with the provisions of the present Decision, and after coordination with the Council or the UN Security Council or the relevant Sanctions Committee, and in line with Cabinet decisions regarding the issuance of Local Lists, or relevant UNSCRs, as the case may be.
4- In all cases, the rights of bona fide third parties shall be taken into account when implementing any freezing measure.