Source:

June 28, 2010

ABU DHABI — The Central Bank of the United Arab Emirates (UAE) has told all financial institutions in the Gulf nation to freeze 41 accounts and stop remittances in the names of entities and individuals mentioned in a UN Security Council resolution on Iran connection, a local business daily reported Monday.

In a circular sent to all banks, moneychangers, investment and finance companies and other financing entities operating in the UAE, the Central Bank said the move was “based on the Resolution 1929 (2010) adopted by the Security Council of the United Nations at its 6335th meeting on June 9, 2010 regarding non-proliferation of nuclear weapons,” according to Emirates Business 24/7.

All financial institutions regulated by the Central Bank are required to freeze any accounts, deposits and stop any remittances in the names of 40 entities and one individual designated under three annexes to the resolution as being involved in the Iranian nuclear or ballistic missile activities, the circular said.

Meanwhile, it warned the institutions against freezing any account or preventing receipt of any funds unless the related names and details conform exactly to the details mentioned in the annexes.

The financial institutions shall contact the Anti-Money Laundering and Suspicious Cases Unit at the Central Bank to clear any doubts by providing with relevant statements, the circular added.

On June 20, the Dubai Financial Services Authority also warned companies based in Dubai’s free zone to conduct risk assessment while dealing with banks and other clients domiciled in Iran, Emirates Business 24/7 said.