HK GVT Yemen, Libya Sanctions Rules

On Mar. 28, HK GVT gazetted regulations regarding UN sanctions.

  • HK GVT gazetted the UN sanctions (Yemen) regulation 2019 (amendment) regulation 2024 and the UN sanctions (Libya) regulation 2019 (amendment) regulation 2024.
  • Amendments
  • The Yemen amendment regulation revises the UN sanctions (Yemen) regulation 2019 to give effect to certain decisions related to sanctions in UN Security Council Resolution 2707, including the renewal of the financial sanctions and travel ban, see #163412.
  • The Libya amendment regulation amends the UN sanctions (Libya) regulation 2019 per decisions in UN Security Council Resolutions 2664 and 2701, see #144342.
  • Includes renewal of sanctions measures re preventing illicit petroleum exports from Libya, and reflects the latest exemption arrangements re arms embargo/asset freeze.
  • Actions to Take
  • HKIA published the two amendment regulations on its website, to notify insurers.
  • HK SFC informed licensed corporations, SFC-licensed virtual asset service providers and associated entities to refer to chapter 6 of the Guideline on AML/CFT.
  • Contains appropriate measures to take to ensure compliance with the regulations.

Regulators HK GVT; HK SFC; HKIA
Entity Types B/D; Bank; Ins; Inv Co; MSB
Reference OG Cap. 537, L.N. 36 of 2024, L.N. 37 of 2024, Cir SFO/IS/014/2024, 3/28/2024
Functions AML; Anti-Bribery; Compliance; Financial; Legal; Operations; Sanctions
Countries Hong Kong; Cross-Border
Category Central Government; National Regulator
Products Banking; Derivatives; Fund Mgt; Insurance; Loan; Payments; Securities
Regions AP
Rule Type Final
Rule Date 3/28/2024
Effective Date 3/28/2024
Rule Id 206279
Linked to Rule :163412
Reg. Last Update 3/28/2024
Report Section AML & Enforcement

Last substantive update on 03/31/2024