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International authorities are expanding sanctions and taking measures to reduce what it deems risks and threats. The reporting authority under the Law on Combating Money Laundering and the Financing of Terrorism is responsible for implementing sanctions imposed by the UN Security Council and other competent authorities. According to Article 61.2 of the Law, as soon as the name of a person, legal entity, or any group or association included in the sanctions list is discovered or known, the relevant accounts and assets must be immediately suspended without prior notice, and the right to make transactions must be suspended without a decision by the relevant competent authority, and the intelligence agency and the Financial Intelligence Unit must be immediately notified.
Failure to implement sanctions imposed by the UNSCl or relevant government agencies may result in the imposition of penalties as specified in the Law on Offenses. Therefore, regular review of the changes to the sanctions list and use the sanctions list for customer due diligence activities for the preventtion and risk of becoming a perpetrator or victim of money laundering and terrorist financing is reccomended.
