ABU DHABI 10 June 2017: Banks and other financial institutions operating in the UAE have been instructed to search for and freeze any accounts or deposits or investments held by individuals or entities designated as terrorists or terrorist organisations stated on Thursday’s Cabinet Resolution, according to a circular issued by the Central Bank of the UAE.
In another circular, the Central Bank advised banks and other financial institutions operating in the UAE to apply enhanced customer due diligence for any accounts they hold belonging to six Qatari banks, said Wam.
A bank press statement said the two circulars were issued based upon UAE Cabinet Resolution 18/2017 designating fifty-nine (59) individuals and twelve (12) entities as terrorists or terrorist organizations.
At the same time, a number of financial institutions based in Qatar that have held accounts for these sanctioned individuals and entities have been identified.
Those banks are: Qatar Islamic Bank Qatar International Islamic Bank Barwa Bank Masraf al Rayan Qatar National Bank Doha Bank.
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 combatting 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.
Cabinet endorses list of designated terrorist organisations, individuals
The UAE Cabinet has issued a Resolution No. (18) of 2017 on endorsing the list of designated terrorist organisations and individuals.
The resolution stipulates that all regulatory bodies shall monitor and restrict any individuals or entities affiliated with any financial, commercial, technical or any other relationship of any kind with the names mentioned in the attached list, and take the necessary procedures in accordance with the laws in force in the State.
This resolution shall be published in the official gazette, and become effective from the date of its publication.
Muslim World League supports list of designated terrorist organisations, individuals
MAKKAH: The Muslim World League (MWL) has announced full support to the move by the Kingdom of Saudi Arabia, the Arab Republic of Egypt, the United Arab Emirates, and the Kingdom of Bahrain to update their respective lists of designated terrorist organisations and individuals.
The MWL league also announced dismissal of Yousuf Al Qaradawi from the Board of the MWL’s International Islamic Fiqh Academy.
By Eudore R Chand