UAE financial institutions ordered to freeze Iran-linked accounts
The move seeks to comply with UN Security Council Resolution 1929, concerning Iranian connections.
June 28, 2010 11:03 by Rasha Reslan
The UAE Central bank ordered all banks and financial institutions in the country to freeze accounts and block remittances in the names of persons or business entities that are included in the UN Security Council Resolution 1929, concerning Iranian connections, Emirates Business reported Monday.
The central bank issued a notice to the country’s banks, moneychangers, investment and finance companies, and similar financing entities operating in the UAE, stating that the move to freeze accounts was “based on the Resolution 1929 … regarding non-proliferation of nuclear weapons,” the report added.