On Feb. 15, UN renews travel ban, assets freeze on specific persons.
UN Security Council unanimously adopted Resolution 2675 (2023) to renew the travel ban and assets freeze on specific individuals and entities threatening peace in Yemen.
Renewal Highlights
The renewal extends sanctions per Resolution 2140 (2014) for nine months until Nov. 15, 2023 the travel ban and assets freezes imposed on specific persons in Yemen.
Also extends until Dec. 15 the Panel of Experts assisting Yemen sanctions committee.
Committee designates individuals and entities for the imposition of sanctions.
UN Security Council members also requested the Panel of Experts to provide a mid-term update to the sanctions committee by Jun. 15 and a final report by Oct. 15.
Adopting Resolution 2675 (2023) to be issued as document S/RES/2675 (2023).
May 2023 HK SFC, HKIA
On May 25, 2023, HK SFC, HKIA notified licensed corporations and associated entities on gazettal of UN sanctions (Yemen) regulation 2019 (amendment) regulation 2023.
The 2023 amendment regulation gives effect to certain decisions on sanctions in the United Nations Security Council resolutions 2664 and 2675 in respect of Yemen.
Reminded re guidance on appropriate measures that licensed corporations, associated entities should take to ensure compliance with the regulations made under the UNSO.
Nov. 2023 Update
On Nov. 8, 2023, UN issued update re Committee pursuant to resolution 2140 (2014).
Report submitted to the Committee Sep. 18, and transmitted to the UN SC on Nov. 2.
Currently 12 individuals and 1 entity on the Sanctions List; during the reporting period, Committee had not received any listing or delisting requests, nor exemption requests.
Nov. 14, 2023 Sanctions Renewal
On Nov. 14, 2023, UN Security Council renewed for 12 months a travel ban and assets freeze on specific individuals/entities in Yemen and extend for 12 months the mandate of panel of experts tasked with assisting council’s Yemen sanctions committee.
Unanimously adopted resolution 2707 (2023) to renew until Nov. 15, 2024 the measures imposed by paragraphs 11 and 15 of resolution 2140 (2014).
Decision to extend the mandate of panel of experts on Yemen until Dec. 15, 2024.
Intend to review mandate, take action regarding further extension by Nov. 15, 2024.
UN requested the secretary-general to take measures to expeditiously re-establish the panel of experts, in consultation with the sanctions committee until Dec. 15, 2024.
Panel of experts to provide a midterm update to the Security Council Committee established pursuant to resolution 2140 (2014) no later than 15 April 2024.
As well as a final report including info set in paragraph 16 of resolution 2624 (2022) to the organ, after discussion with the committee, no later than Oct. 15, 2024.
Regulators
HK GVT; HK SFC; HKIA; UN
Entity Types
B/D; Bank; BS; IA; Ins; Inv Co; MSB
Reference
PR SC/15489, 11/14/2023; PR SC/15482, 11/8/2023; Rp S/2023/833, 9/18/2023; Cir SFO/IS/013/2023, OG L.N. 86 of 2023, 5/25/2023; PR SC/15200, 2/15/2023; Res S/RES/2675 (2023); Res S/RES/2140 (2014); Res S/RES/2707 (2023)
Functions
AML; Anti-Bribery; Compliance; Financial; Human Rights; Legal; Operations; Sanctions
Countries
Global Regulator; Cross-Border; Yemen
Category
State
Products
Banking; Clearing; Deposits; Fund Mgt; Insurance; Loan
