Circular to Licensed Corporations and Associated Entities - Anti-Money Laundering / Counter-Terrorist Financing
United Nations Sanctions (Libya) Regulation 2011 (Amendment) Regulation 2017

29 Sep 2017



Circular to Licensed Corporations and Associated Entities 

Anti-Money Laundering / Counter-Terrorist Financing 

United Nations Sanctions (Libya) Regulation 2011 (Amendment) Regulation 2017

The United Nations Sanctions (Libya) Regulation 2011 (Amendment) Regulation 2017 ("the Amendment Regulation"), made under the United Nations Sanctions Ordinance (Cap. 537) ("UNSO"), was published in the Gazette (L.N. 151 of 2017) on 29 September 2017 with immediate effect.

The Amendment Regulation amends existing sanctions against Libya to implement decisions of the United Nations Security Council ("UNSC") under Resolution 2362.

We would like to draw licensed corporations’ ("LCs") and associated entities’ ("AEs") attention to section 12 of the Amendment Regulation which adds the new sections 7G and 7H to United Nations Sanctions (Libya) Regulation 2011 to provide for the prohibition against engaging in financial transactions related to any petroleum from Libya aboard ships designated by the relevant UNSC Sanctions Committee Note 1. 

The aforesaid regulation can be found on the Government’s website (http://www.gld.gov.hk/egazette/pdf/20172139/es220172139151.pdf).

Furthermore, LCs and AEs are reminded to refer to Chapter 6 of the Guideline on Anti-Money Laundering and Counter-Terrorist Financing ("AML Guideline") which contains guidance on the appropriate measures that LCs and AEs should take to ensure compliance with the regulations made under the UNSO Note 2.

Should you have any queries regarding the contents of this circular, please contact Ms Kiki Wong on 2231 1569.

Intermediaries Supervision Department
Intermediaries Division
Securities and Futures Commission

End

SFO/IS/035/2017

Note 1 Please also see our circular issued on 9 December 2016 for the list of “relevant persons and entities” specified under section 38 of the United Nations Sanctions (Libya) Regulation 2011 on that date.
Note 2
Under paragraph 6 of the Prevention of Money Laundering and Terrorist Financing Guideline issued by the Securities and Futures Commission for Associated Entities, AEs that are not authorized financial institutions are expected to have regard to the provisions of the AML Guideline as if they were themselves LCs.


Click here to download the document


Page last updated : 29 Sep 2017