AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)

The Securities and Exchange Commission of Pakistan (SECP) Tuesday prohibited every partner/officer of a limited liability partnership from providing any assistance and funding including charity/donation to the entities and individuals listed under the consolidated list of proscribed/designated entities by the United Nations Security Council (UNSC).

In this regard, the SECP has issued an SRO 49(I)/2020, here on Tuesday. The SECP has also warned the partner/officer of a limited liability partnership that the prescribed penalty for non-compliance with the sanctions regime being implemented through SROs under the UN (Security Council) Act, 1948 is up to Rs 10 million.

According to the notification, the obligations/prohibitions regarding proscribed entities and persons mentioned in the above list are applicable, on an ongoing basis, to proscribed/designated entities and persons or to those who are known for their association with such entities and persons, whether under the proscribed/designated name or with a different name.

Therefore, in pursuance of clause (ia) and clause (w) of sub-section (4) of section 20 of the Securities and Exchange Commission of Pakistan Act, 1997 read with section 52 of the Limited Liability Partnership Act, 2017, the SECP hereby prohibits every partner or designated partner or officer of a limited liability partnership from providing any assistance and funding including charity/donation to the entities and individuals listed under the consolidated list (as mentioned above) with the advice to freeze without delay and without prior notice their funds or other assets and ensure compliance of the requirements in letter and spirit.

Under SRO 49(I)/2020- Whereas the United Nations Security Council (UNSC) sanctions committee, pursuant to the Resolution 1267 (1999) and other subsequent resolutions, concerning ISIL (Daésh)/Al-Qaida and Taliban Sanctions Committees and their associated individuals, approves the addition, amendments and deletion in the consolidated list of individuals and entities subject to the sanctions covering assets freeze, travel ban and arms embargo set out in the Security Council resolutions adopted under Chapter VII of the Charter of the United Nations.

The SECP said that the government of Pakistan under the United Nations (Security Council) Act, 1948 gives effect to the decisions of the UNSC whenever the consolidated list maintained by the Sanctions Committee is updated. The Ministry of Foreign Affairs issues the Statutory Regulatory Orders (SROs) to give legal cover for implementing sanction measures under the UNSC resolutions. The consolidated lists available at the UN sanctions committee's website, are regularly updated and can be accessed at following link: www.un.org/sc/committees/1267/aq_sanctions_list.shtml

Ministry of Foreign Affairs has also launched a portal on its website for registration at the following link to enable receipt of SRO updates issued by UNSC from time to time through email, SECP said.

The government of Pakistan has already prescribed penalty up to Rs 10 million for non-compliance with the sanctions regime being implemented through SROs under the UN (Security Council) Act, 1948.

For implementing sanction measures under United Nations Security Council Resolution 1373(2001), the Ministry of Interior issues notifications of proscribed individuals /entities pursuant to the Anti-Terrorism Act, 1997. The consolidated list under UNSC Resolution 1373 available at the National Counter Terrorism Authority's website, is regularly updated and can be accessed at following link; http://nacta.gov.pk/ proscribed-organizations/.

Copyright Business Recorder, 2020

Comments

Comments are closed.