22 November, 2016
From 3 November 2016, Singapore revoked the United Nations (Freezing of Assets of Persons – Cote d'Ivoire) Regulations 2006 (Cote d'Ivoire Regulations) and the United Nations (Freezing of Assets of Former President of Liberia and Connected Persons) Regulations 2004 (Liberia Regulations).
1. Revocation of the Cote d'Ivoire Regulations
The revocation of the Cote d'Ivoire Regulations gives effect to Resolution 2283 (2016) by the Security Council of the United Nations (UNSC) dated 28 April 2016 (Resolution 2283) following various progresses on the stabilisation of Cote d'Ivoire.
Resolution 2283 terminated all sanctions measures regarding Cote d'Ivoire, including asset freezing measures established under Resolution 1572 (2004) (Resolution 1572) and Resolution 1975 (2011) and Resolution 2219 (2015).
Resolution 2283 also dissolved the Committee established by Resolution 1572. As a result, the list of individuals and entities subject to sanctions previously maintained by this Committee (Cote d'Ivoire List) was also abolished on 28 April 2016.
Earlier this year on 22 August 2016, the Monetary Authority of Singapore (MAS) also revoked the MAS (Freezing of Assets of Persons – Cote d'Ivoire) Regulations 2006. This revocation took effect from 28 April 2016, thus relieving financial institutions from the relevant asset freezing obligations.
As such, with the revocation of the Cote d'Ivoire Regulations, all the asset freezing obligations no longer apply to all Singapore persons (not just financial institutions) in relation to the Cote d'Ivoire List.
2. Revocation of the Liberia Regulations
The revocation of the Liberia Regulations gives effect to Resolution 2237 (2015) by the UNSC dated 2 September 2015 (Resolution 2237) following various progresses regarding the establishment and maintenance of stability in Liberia and the sub-region. This resolution terminated all travel and financial measures set forth in Resolution 1521 (2003) and Resolution 1532 (2004).
Similar to the Cote d'Ivoire Regulations, earlier this year on 4 February 2016, MAS also revoked the MAS (Freezing of Assets of Former President of Liberia and Connected Persons) Regulations 2004. This MAS revocation took effect from 2 September 2015, thus relieving financial institutions from the relevant asset freezing obligations.
As such, with the revocation of the Liberia Regulations, all the asset freezing obligations no longer apply to all Singapore persons (and just financial institutions) in relation to the former President of Liberia, Charles Taylor, and connected persons.
For further information, please contact:
Eugene Lim, Partner, Baker & McKenzie.Wong & Leow
eugene.lim@bakermckenzie.com
