HK SFC AML/CTF Circular: South Sudan Regulations
Circular to Licensed Corporations and Associated Entities
Anti-Money Laundering / Counter-Terrorist Financing
United Nations Sanctions (South Sudan) Regulation 2018
The United Nations Sanctions (South Sudan) Regulation 2018 (“the Regulation”), made under the United Nations Sanctions Ordinance (Cap. 537) (“UNSO”), was published in the Gazette (L.N. 216 of 2018) on 9 November 2018 with immediate effect.
The Regulation implements sanctions against South Sudan imposed by the United Nations Security Council Resolution 2428.
We would like to draw licensed corporations’ (“LCs”) and associated entities’ (“AEs”) attention to section 5 of the Regulation which provides for prohibition against making available to, or for the benefit of, certain persons or entities any funds or other financial assets or economic resources, or dealing with funds or other financial assets or economic resources belonging to, or owned or controlled by certain persons or entities, except with a licence.
The Regulation can be found on the Government’s website (https://www.gld.gov.hk/egazette/pdf/20182245/es220182245216.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 1.
Should you have any queries regarding the contents of this circular, please contact Ms Kiki Wong on 2231 1569.
Intermediaries Supervision Department
Securities and Futures Commission
Note 1 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.
HK SFC Notice
HK SFC Circular
Categories: HK Securities and Futures Commission South Sudan sanctions