UAE FREEZES ACCOUNTS OF 9 IRANIANS

abu dhabi — The Securities and Commodities Authority (SCA) has issued a circular to all companies working in regulated securities and commodities about the required procedures to implement UAE Cabinet Resolution No 24 of 2018, which relates to the UAE’s list of terrorist organisations and individuals.

The SCA requires companies working in securities and commodities to identify and freeze any funds, securities, commodities belonging to the nine Iranian individuals and entities on the list, as well as those of any persons related to them.

The procedures also require the companies to freeze funds linked to the listed individuals and entities, or persons related to them.

The SCA does not require the companies to freeze any accounts, whether funds, securities, commodities, if the names and related details are not completely identical to those on the list, and in case of doubt, they should contact the SCA’s anti-money laundering and counter-terrorism financing procedures unit.

The SCA has urged related parties and investors in UAEbased financial markets to report any suspicious transactions as part of its ongoing cooperation and coordination efforts with government bodies and departments.

The development came at a time when the Trump administration is tightening screws on Iran by re-imposing sanctions against Tehran, after Trump withdrew from the 2015 nuclear deal agreed between Iran and six major powers. —