Top Stories

Banks get order to freeze accounts in Qatari banks

The UAE Central Bank has issued a circular instructing banks and other financial institutions operating in the emirates to search for and freeze any accounts or deposits or investments held by individuals or entities designated as terrorists or terrorist organisations.

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 circulars were issued in compliance with Cabinet Resolution announced on Thursday. UAE Cabinet Resolution 18/2017 designated 59 individuals and 12 entities as terrorists or terrorist organizations. It also identified the six Qatari banks that have held accounts for the sanctioned individuals and entities.

The issuance of the Cabinet Resolution follows the decision 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 to include the 59 individuals and 12 entities in each of their four jurisdictions as part of their unified and ongoing commitment to combating terrorism.

photo credit: Dohabank.co.in

Related Articles

Back to top button