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 Targeted Financial Sanctions

Introduction

As a member of the United Nations, the UAE should implement Security Council resolutions, including those related to sanction systems. That is why the UAE issued Cabinet Resolution No. (74) Of 2020 Regarding Terrorism Lists Regulation and Implementation of UN Security Council Resolutions on the Suppression and Combating of Terrorism, Terrorist Financing, Countering the Proliferation of Weapons of Mass Destruction and its Financing and Relevant Resolutions.

The resolution aims to:

  • Identify terrorist individuals and organizations following the procedures and measures issued according to the resolution.
  • Follow-up on terrorist individuals and organizations entering the country through the lists of the Security Council.
  • Build an integrated national administrative system to monitor, follow-up, and enforce to effectively confront terrorist individuals and organizations.
  • Freeze and de-freeze operations per legislation.

 

The general framework of the Cabinet Resolution:

This resolution includes the provisions and procedures of the regulatory and supervisory authorities, proposing listing and re-listing in the local terrorist lists, updating them, and de-listing names of the listed from the local terrorist lists, in addition to procedures for grievance against the decisions of listing, enforcement, and publishing of local terrorist lists, canceling the procedures for freezing funds and other measures, permitting the use of frozen funds and proposing listing to the sanctions committee, circulating the sanction list and local terrorist lists, and implementing the decisions pronounced.

The resolution also includes the procedures related to the sanction list, the freezing of funds according to the sanction list and the local terrorist lists, the cancellation of the freezing procedures, the obligations of financial institutions and designated non-financial businesses and professions, the measures and obligations of the supervisory authorities and the administrative measures.

 

Legislation

Cabinet Resolution No. (74) of 2020 Regarding the Terrorist List System and The Implementation of Security Council Resolutions Related to Preventing and Suppressing Terrorism and Its financing, Counter of Proliferation and its financing, and the relevant resolutions

 

Guideline for implementing Resolution 74 of 2020

 

Typologies on the circumvention of Targeted Sanctions against Terrorism and the Proliferation of Weapons of Mass Destruction

 

Registration

Registration in the automatic reporting system

 

Forms (notices and circulars)

 

Sanction Lists

https://www.uaeiec.gov.ae/ar-ae/un-page

 

Institutional structure for combating terrorism financing and countering the Proliferation of Weapons of Mass Destruction and its Financing

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Obligations on financial businesses and professions and designated non-financial businesses and professions:

  1. Registration in the automatic sanctions reporting system to receive reports of listing in the local terrorist lists, United Nations lists, financing of terrorism, countering the proliferation of weapons of mass destruction and targeted financial sanctions.
  2. Examine the databases and transactions received regularly against the names listed in the lists issued by the Security Council or the sanctions or local terrorist lists through:
    • Searching the customer database.
    • Searching for the names of the parties related to the transaction.
    • Searching for the names of potential clients.
    • Searching for the names of the beneficiary owners.
    • Searching for the names of persons and organizations with whom there is a direct or indirect relationship.
    • Continuous search in the customer database before performing any operation or entering into a serious business relationship with a person to ensure that his name is not listed in the sanctions or local terrorist lists.
  3. Taking measures to freeze without delay and without prior notice to the listed person as soon as a match appears.
  4. Implementing the decision to cancel the freeze without delay, in compliance with Security Council resolutions or relevant Cabinet decisions.
  5. Immediate reporting to the oversight body (link) in the following cases:
    • Determining the funds and actions that have been taken.
    • Determining any match in the list of persons or organizations listed.
    • A statement if one of its current or former clients or a person in a business relationship whether is listed or has a direct or indirect relationship with the listed person \ organization.
    • Information related to unfreezing funds that were described for their status and value.
  6. Effectively establish and implement internal controls and procedures to ensure compliance.
  7. Establish and implement policies and procedures that prohibit employees from notifying a customer.
  8. Cooperation with the National Coordinator, the Executive Office of the Committee for Goods and Materials Subject to Import and Export Control (contact link) and the oversight body (contact link)

 

 

For contact and inquiries:

Please contact us at AML@economy.ae

Or by toll free number 8001222




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