Abu Dhabi: The Emirates Securities and Commodities Authority (Esca) has issued a circular defining procedures for freezing the accounts of nine Iranian entities and individuals on the terrorism list.
The move is in line with Ministerial Resolution No. 24 of 2018, which included the nine entities and individuals on the UAE’s terrorism list for supporting terrorism and transferring funds to the Iranian Revolutionary Guards.
Esca called on all companies operating in the securities and commodities sector to freeze the accounts of the individuals and organisations included on the terrorism list. Esca’s procedures included freezing funds used by these individuals and entities.
The authority asked companies not to freeze or prevent the receipt or use of any accounts (cash/securities/commodities) if the names and details are not identical with the mentioned names on the list. This aims not to leave room for doubt. In case of doubt, companies should communicate with Esca or with the Anti-Money-Laundering and Suspicious Cases Unit at the UAE Central Bank.
