The Presidents/Chief Executives

All Banks/DFIs/MFBs

Dear Sir / Madam,

Guidelines on Compliance of Government of Pakistan’s Notifications issued under United Nations Security Council (UNSC) Resolutions

1. Please refer to the Guidelines on Compliance of Government of Pakistan’s Notifications issued under United Nations Security Council (UNSC) Resolutions, issued vide BPRD Circular No. 03 of 2015 as amended from time to time.
2. It is informed that in order to streamline the procedure for implementation of United Nations Security Council Sanctions against the designated individuals/entities, the Ministry of Foreign Affairs, after approval from the Federal Cabinet, has issued the United Nations Security Council (Freezing & Seizure) Order, 2019 vide its SRO No. 261 (I)/2019.
3. In light of provisions of the United Nations Security Council (Freezing & Seizure) Order, 2019, banks/ DFIs/ MFBs are required to issue a notice of freezing or seizure of the property to the concerned designated entity/individual and any other person affected by the freezing or seizure of the property, as set out in Form – B of the United Nations Security Council (Freezing and Seizure) Order, 2019.
4. Consequently, in accordance with the Guidelines issued by the Ministry of Foreign Affairs and National Counter Terrorism Authority (NACTA) under relevant UNSC resolutions, SBP has also updated the subject guidelines.
5. The updated guidelines on the subject are enclosed herewith for compliance by all banks/ DFIs/ MFBs.
6. Please acknowledge receipt.