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Sunday, June 11, 2017

UAE Banks Freeze Accounts Linked To Terrorists

Banks and other financial institutions in the United Arab Emirates have been instructed to search for and freeze any accounts, deposits or investments held by individuals or entities designated as terrorists or terrorist organizations, state-run Emirates News Agency reported, citing a circular issued by the central bank.  The Central Bank also issued a circular advising banks in the UAE to apply enhanced customer due diligence for any accounts they hold belonging to six Qatari banks, namely Qatar Islamic Bank, Qatar International Islamic Bank, Barwa Bank, Masraf al Rayan, Qatar National Bank and Doha Bank.  The two announcements were issued based upon UAE Cabinet Resolution 18/2017 designating fifty-nine (59) individuals and twelve (12) entities as terrorists or terrorist organizations.  These actions follow the decision by the Kingdom of Saudi Arabia, the Arab Republic of Egypt, the United Arab Emirates, and the Kingdom of Bahrain, as part of their unified and ongoing commitment to combating terrorism, to update their respective lists of designated terrorist organisations and individuals to include the fifty-nine (59) individuals and twelve (12) entities in each of their four jurisdictions.  Saudi Arabia and allies last week cut diplomatic relations and transport links with Qatar, saying the country must distance itself from Iran and stop funding Islamist groups. Qatar denies such charges and says the Saudis are seeking to dominate smaller neighbors.  Saudi Arabia’s central bank ordered lenders in the country not to increase their exposure to any Qatari clients, people familiar with the matter said last week. The Saudi Arabian Monetary Agency also told banks licensed in the country that they should not process any payments denominated in Qatari riyals, the people said.





Banks and other financial institutions in the United Arab Emirates have been instructed to search for and freeze any accounts, deposits or investments held by individuals or entities designated as terrorists or terrorist organizations, state-run Emirates News Agency reported, citing a circular issued by the central bank.

The Central Bank also issued a circular advising banks in the UAE to apply enhanced customer due diligence for any accounts they hold belonging to six Qatari banks, namely Qatar Islamic Bank, Qatar International Islamic Bank, Barwa Bank, Masraf al Rayan, Qatar National Bank and Doha Bank.



The two announcements were issued based upon UAE Cabinet Resolution 18/2017 designating fifty-nine (59) individuals and twelve (12) entities as terrorists or terrorist organizations.

These actions follow the decision by the Kingdom of Saudi Arabia, the Arab Republic of Egypt, the United Arab Emirates, and the Kingdom of Bahrain, as part of their unified and ongoing commitment to combating terrorism, to update their respective lists of designated terrorist organisations and individuals to include the fifty-nine (59) individuals and twelve (12) entities in each of their four jurisdictions.



Saudi Arabia and allies last week cut diplomatic relations and transport links with Qatar, saying the country must distance itself from Iran and stop funding Islamist groups. Qatar denies such charges and says the Saudis are seeking to dominate smaller neighbors.

Banks and other financial institutions in the United Arab Emirates have been instructed to search for and freeze any accounts, deposits or investments held by individuals or entities designated as terrorists or terrorist organizations, state-run Emirates News Agency reported, citing a circular issued by the central bank.  The Central Bank also issued a circular advising banks in the UAE to apply enhanced customer due diligence for any accounts they hold belonging to six Qatari banks, namely Qatar Islamic Bank, Qatar International Islamic Bank, Barwa Bank, Masraf al Rayan, Qatar National Bank and Doha Bank.  The two announcements were issued based upon UAE Cabinet Resolution 18/2017 designating fifty-nine (59) individuals and twelve (12) entities as terrorists or terrorist organizations.  These actions follow the decision by the Kingdom of Saudi Arabia, the Arab Republic of Egypt, the United Arab Emirates, and the Kingdom of Bahrain, as part of their unified and ongoing commitment to combating terrorism, to update their respective lists of designated terrorist organisations and individuals to include the fifty-nine (59) individuals and twelve (12) entities in each of their four jurisdictions.  Saudi Arabia and allies last week cut diplomatic relations and transport links with Qatar, saying the country must distance itself from Iran and stop funding Islamist groups. Qatar denies such charges and says the Saudis are seeking to dominate smaller neighbors.  Saudi Arabia’s central bank ordered lenders in the country not to increase their exposure to any Qatari clients, people familiar with the matter said last week. The Saudi Arabian Monetary Agency also told banks licensed in the country that they should not process any payments denominated in Qatari riyals, the people said.

Saudi Arabia’s central bank ordered lenders in the country not to increase their exposure to any Qatari clients, people familiar with the matter said last week. The Saudi Arabian Monetary Agency also told banks licensed in the country that they should not process any payments denominated in Qatari riyals, the people said.


source: WAM, Bloomberg


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