Freezing of economic and financial assets

SR III. Freezing and confiscating terrorist assets

Article 2 Freezing of assets and economic resources

The fight against terrorist financing freezing and seizing of assets

Right to property compilation of lists and freezing the assets of terrorist persons

What legislation and procedures exist for freezing accounts and assets at banks and financial institutions?

Of these, 25 have reported finding and freezing assets and 13 have reported that they have not located any assets subject to the measures.

Right to property compilation of lists and freezing the assets of terrorist persons 62 65 21

(b) Freezing of assets means preventing any action allowing the management or use of assets other than normal administrative actions carried out by financial institutions

Assets may not be provided to persons, enterprises and entities covered by the freezing of assets, and assets and economic resources may not be made available to them directly or indirectly.

A designation results in the freezing of all assets (Terrorism Suppression Act, sects. 20 23 and 31).

The adoption of another Council regulation (regarding the freezing of assets and related measures) is still being considered.

There are mechanisms enabling the freezing of funds, assets and other financial resources in accordance with resolution 1455 (2003).

Third, the remaining countries tend primarily to utilize the criminal code as a prerequisite for listing and freezing assets.

The provisions of the Anti Money Laundering Act (2005) pertaining to the freezing of assets are yet to be invoked.

Between 30 January 2004 and 30 June 2005, six States reported freezing assets, all of which were found in bank accounts.

The identification and freezing of the assets of persons and groups involved in terrorism are appropriate and necessary measures to combat terrorism.

Additionally, resolution 1390 (2002) requires the freezing of funds and other financial assets without delay , but practical considerations may make this difficult.

Section 21 of the Act provides details of directives that may be given by the court in making a freezing of assets order.

Also often lacking are the expertise and capacity required to combat money laundering successfully, including by the freezing, seizure and confiscation of criminal assets.

Also often missing are the expertise and capacity required to successfully combat money laundering, including by the freezing, seizure and confiscation of criminal assets.

The international community should also adopt protective measures, including the freezing of assets and a travel ban for high ranking officials of the Ugandan oligarchy.

In fact, one State has reported freezing bank accounts of individuals not on the Consolidated List, but who held assets on behalf of listed persons.

In addition the freezing of the assets of Albarakat, the major banking institution, had impeded remittances and economic activity and had yet to be lifted.

Thirty two Member States have reported freezing assets of listed individuals and entities worth in total over 91 million (five have not specified the amounts).

Another State requires banks and other relevant bodies to report to the authorities within 10 days of freezing the assets of listed individuals and entities.

(f) The right to property should also be protected when establishing and implementing measures against terrorist property, particularly involving the freezing and confiscation of assets.

Pakistan indicates in its report under resolution 1455 (2003) that an entity, the Al Rashid Trust, has filed a petition against the freezing of its assets with the local court (High Court of the southern province of Sindh) and has requested assistance for evidence information in support of the Government's freezing of the entity's assets in order to strengthen the Government's case.

It should also be noted that, in accordance with the country's constitutional principles, the freezing of any assets requires a decision by a competent judicial authority.

The domestic legal basis for freezing the assets of suspected or convicted money launderers is contained in Section 21 of the Anti Money Laundering Act, 2005.

As well as the clear identification of the individual or entity subject to the measures, a full address is also a key to effective assets freezing.

Once individuals and entities are placed on the Consolidated List, they are added to a schedule attached to the regulations, which requires the freezing of their assets.

Measures under the Law on Measures against the Financing of Terrorism (LMFT) include freezing of funds and other financial assets or economic resources, and ban on the access to financial services, funds and other financial assets or economic resources available.

Article 2 of the ordinance provides for a freezing of assets and economic resources (including the ban on making assets or economic resources available to the persons or entities covered) in accordance with paragraph 3 (e) of resolution 1591 (2005).

That would permit the further enhancement and strengthening of existing sanctions travel bans, the freezing of assets and arms embargoes and of lists of targeted individuals and entities.

Presently States are not required to update the Committee on enforcement of the measures against new designations, but five States have reported freezing additional assets since January 2004.

The necessary legal initiatives have included criminalization of terrorism offences, establishment of mechanisms for freezing and seizing terrorist assets and provision for various modalities of international cooperation against terrorism.

It's freezing.

I'm freezing!

There are those who question the usefulness of action to freeze assets, arguing that amounts frozen are small and not commensurate with the effort involved in implementing the freezing measures.

(d) Freezing of economic resources means any action to prevent their use in order to acquire assets, goods or services in any manner whatever, including through their sale, renting or mortgaging.

It's fucking freezing.

In the Democratic Republic of the Congo, the freezing of economic and financial assets under the provisions of resolutions 1267 (1999) and 1390 (2002) is governed by the provisions of Act No.

This procedure unquestionably places a burden on the innocent owner by freezing his assets for a period, but balanced against this inconvenience is the greater public good of preventing funding of terrorism.

Some States that have reported freezing assets have not specified the amounts, and there have been no reports of listed individuals who have been stopped at borders or prevented from acquiring arms.