UAE ensures compliance of UN's Iran sanctions

The UAE is checking to ensure that its trade with Iran complies with the United Nations sanctions over the Iranian nuclear programme, a senior UAE official said in Abu Dhabi on Monday.

The UAE ambassador to the US Youself Al Otaiba told reporters in Abu Dhabi the law enforcement and intelligence agencies are working closely with the UAE’s export control authorities to implement the UN resolutions.

Al Otaiba said: “What we are trying to do is sift the good from the bad. We do a significant amount of trade with Iran and cannot be an illicit and it cannot be illegal.”

Emirates Business 24/7 reported in June that the UAE Central Bank had told companies in the country to freeze bank accounts of 41 companies and individuals to comply with the UN sanctions against Iran.

Al Otaiba said: “We are 100 per cent behind the diplomatic solution and support US President Obama’s two-track strategy, sanctions and engagement. A military engagement would destabilise an already unstable region.”

The UN Security Council voted on June 9 for a fourth round of sanctions aimed at curbing Iran's nuclear programme, which the West fears could lead to nuclear weapons.

The new UN sanctions target Iranian banks suspected of connections with nuclear or missile programmes. They also expand an arms embargo and call for a cargo inspection regime.

The Western powers suspect that Tehran's nuclear programme is intended at producing weapons; but Tehran denies the charges and claims that it needs nuclear energy for civilian purposes, such as electricity generation.

In June, the Dubai Financial Services Authority (DFSA) warned companies based in the Dubai International Financial Centre (DIFC) to conduct risk assessment when dealing with banks and other clients domiciled in Iran.

It told firms to "ensure that the due diligence processes for each correspondent bank domiciled in Iran has been completed consistent with the enhanced due diligence procedures.”
 

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