The federal government has through a notification advised Securities and Exchange Commission of Pakistan (SECP) recommending freezing of funds of al Qaeda and Taliban and associated individuals and entities including Sangeen, Zadran and Sher Mohammad, placed on the UN Security Council's (UNSC) consolidated list, according to a notice issued by Karachi Stock Exchange (KSE) a few days ago.
Ministry of Foreign Affairs has sent the Gazette notification to SECP which has forwarded it to all the stock exchanges, Central Depository Company (CDC), National Clearing Company and other related institutions. The KSE-notice quoted the SECP letter as under: "This is in continuation to the Securities and Exchange Commission of Pakistan (SECP) letters of even number thereby forwarding recommendations from the Ministry of Foreign Affairs (the "Ministry") for freezing of funds of the "al Qaida and Taliban and Associated Individuals and Entities" placed on the UN Security Council's (UNSC) Consolidated List.
"Please find enclosed herewith copies of the Gazette of Pakistan Statutory Notification S.R.O. No 942(I)/2013 dated October 21, 2013, received from the Ministry of Foreign Affairs, Government of Pakistan. You are requested to forward the Government's directive to your regulated entities for taking necessary actions to freeze the funds of the nature mentioned in the attached SRO.
"As advised through our letter of even number dated January 10, 2012, the National Clearing Company of Pakistan Limited (NCCPL) is required to provide compliance report, even if nil, on the action required in the attached SRO, on a fortnightly basis after scanning all the UINs in its database and also copy the same to the stock and commodity exchanges and the Central Depository Company of Pakistan Limited (CDC) for information purposes.
"Further, as advised vide the aforementioned letter, in case a UIN related to any such individual/entity is reported by the NCCPL, all the capital market entities are required to immediately initiate necessary action at their end and their regulatees' end and report the same to the SECP."
The KSE-notice also quoted the annexure of SECP which stated that: "On October 18, 2013, the Security Council Committee established pursuant to resolution 1988 (2011) enacted the amendments specified with strikethrough and underline in the entry below to its list (the 1988 list) of individuals and entities subject to the assets freeze, travel ban and arms embargo set out in paragraph 1 of security council resolution 2081 (2012) adopted under chapter VII of the Charter of the United Nations. The resolution mentioned the names of three individuals associated with the Taliban including Sangeen, Zadran and Sher Mohammad".