Skip to main content

UAE Central Bank announces more sanctions

The Emirates is seeking to improve its record on financial transparency after being implicated in money laundering and sanctions evasion controversies.
Dubai skyline

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

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.

Subscribe

Only $100 per year.