Guidance for De-Listing and Unfreezing Procedures

The Anti Money Laundering Council (AMLC) released AMLC Regulatory Issuance No. 5, Series of 2021, on the Guidance for De-Listing and Unfreezing Procedures to assist covered persons, government entities, and the public on the implementation of the targeted financial sanctions (TFS).

Said guidance covers the following:

1. Delisting procedures as outlined by the United Nations (UN) Security Council Committee;
2. Situations where the AMLC can issue unfreezing orders;
3. Modes of communicating designations and delisting in the relevant UN Sanctions Lists to covered persons,  government entities, and the public;
4. Modes of communicating the issuance of an unfreezing order to covered persons, government entities, and the public;
5. AMLC’s function to assist in the verification of whether a person or entity is a designated person or entity;
6. Procedures on lifting TFS, involving false positive identification;
7. Procedures on how an innocent third-party may apply for relief for frozen funds and other assets;
8. Procedures on how to apply for authorized expenses and permissible transactions with designees; and
9. Guidance to covered persons, government entities, and the public on what to do if they are holding funds and other assets of a designee if delisting from the UN Sanctions List is made and/or an unfreezing order is issued by the AMLC. 

Further, the guidance includes templates/forms for requesting verification assistance from the AMLC; an application form for authorization to make assets or financial services available to a designated individual or entity; and an authorization form to make assets or financial services available to a designated individual or entity.

To download a copy, please click the link.

Posted 28 July 2021

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