SECP issues circular directing to companies listed on PSX to comply with UN Security Council Resolution 2270 (2016)

SECP Urges PSX to ensure sanctions on Terrorists Outfits

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has urged the Pakistan Stock Exchange (PSX) to report violation of sanctions imposed by United Nations Security Council (UNSC) on terrorists’ outfits ISIL (DA’ESH), Al-Qaida and Taliban on immediate basis.

The Ministry of Foreign Affairs, through various Statuary Regulatory Orders (SROs), has advised the implementation of the sanction measures i.e. travel restrictions, funds freeze, restrict entry and sale / transfer of arms and related material in its jurisdiction against the individuals and entities placed on the Consolidated List representing UN ISIL (Da‘esh), Al-Qaida and Taliban Sanctions Lists by the United Nations.

Therefore, the SECP has issued a circular directing to the companies listed on PSX to comply with UN Security Council Resolution 2270 (2016) and the requirement of travel restrictions, freezing of funds, restrict entry and sale and transfer of arms and related material and deny business to such listed individuals\ groups, undertakings and entities, supporting terrorism.

There are currently 243 individuals and 74 entities on the ISIL and Al Qaeda sanctions list. They are subject to an arms embargo and a global asset freeze and travel ban.

The resolution makes clear that states are required to stop their citizens from funding or providing services to “terrorist organizations or individual terrorists for any purpose, including but not limited to recruitment, training, or travel, even in the absence of a link to a specific terrorist act.

Earlier, the Federal Government has ordered that the individuals listed in the updated list made by the ISIL (Da’esh) and Al-Qaida Sanctions Committee of the United Nations Security Council in addition to the earlier notifications, shall stand subjected to the travel restrictions and arms embargo and his bank accounts, funds and other financial assets or economic resources including funds derived from property owned or controlled directly or indirectly, by them or persons acting on their behalf or at their direction, including but not limited to those used for the provision of internet hosting or related services and, used for support of ISIL (Da’esh) and Al-Qaida and other individuals, groups, undertakings and entities associated, with them shall stand frozen with immediate effect.

In order to avoid any confusion resulting from frequent updates made by the Taliban Sanctions Committee and to further enhance our implementation of the sanctions regime, the Ministry of Foreign Affairs issues a comprehensive S.R.O. for the Taliban sanction regime on quarterly basis.

Source: Online

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