The Central Bank of the United Arab Emirates announced sanctions on six unidentified banks today. The banks were sanctioned under a 2021 Cabinet resolution that implements two initiatives from the Organization for Economic Co-operation and Development (OECD), the official Emirates News Agency reported.
The OECD’s Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information and Common Reporting Standard calls on financial institutions to report information to the relevant authorities in a state, including details on account holders. Both have been ratified into Emirati law, according to the UAE Ministry of Finance.