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UAE Central Bank to control money laundering

Banking transactions to be tightly monitored

Gulf News

Abu Dhabi: In a bid to control money laundering in the UAE, the Central Bank’s Anti- Money Laundering and Suspicious Cases Unit issued a circular on Tuesday asking all national banks, main branches of foreign banks, foreign exchanges, investment and finance companies to search for and freeze any accounts, deposits or investments of some clients.

Circular 246/2013 reads: “Based on the decision of Dubai Public Prosecution dated August 6, 2013, you are requested to search for and freeze any accounts or deposits or investments and inform us of any credit facilities or safe deposit boxes and deny access to the safe deposit boxes and stop any financial transfers of three suspects.”

The circular carries three names: Samar Elyas Assaf, a Lebanese, Armin Esmail, a US citizen. and Haseeb Khan Israfeel Khan, a Pakistani, and ordered banks to fill a special form and send it to the unit within four working days from August 27.

The circular asks banks and financial firms to take action for any commercial or economic entities or establishments, whether owned individually or jointly by these people.

On August 22 the Central Bank issued circular 234/201 to banks, foreign exchanges and investment and finance companies to comply with the Security Council Committee pursuant to the UN Security Council Resolution No 1844 concerning Somalia and Eritrea.

It listed members of the insurgent group Al Shabab wanted by authorities whose accounts needed to be frozen. The list was to help enforce the United Nations Security Council’s efforts to cut off money supplies for wanted criminals from Somalia and Eritrea.