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25 June 2024

SCA freezes accounts of 9 Iranian individuals, entities as part of terrorism list

By Wam

The Securities and Commodities Authority, SCA, issued a circular to all companies working in regulated securities and commodities about the required procedures to implement UAE Cabinet Resolution No. 24 of 2018, which relates to the UAE’s list of terrorist organisations and individuals.
The SCA requires companies working in securities and commodities to identify and freeze any funds, securities, commodities belonging to the nine Iranian individuals and entities on the list, as well as those of any persons related to them.
The procedures also require the companies to freeze funds linked to the listed individuals and entities, or persons related to them.
The SCA does not require the companies to freeze any accounts, whether funds, securities, commodities, if the names and related details are not completely identical to those on the list, and in case of doubt, they should contact the SCA's Anti-Money Laundering and Counter-Terrorism Financing Procedures unit.
SCA urged related parties and investors in UAE-based financial markets to report any suspicious transactions as part of its ongoing cooperation and coordination efforts with government bodies and departments.