The Central Bank of the United Arab Emirates, UAE, has directed all bank and financial institutions to stop dealing with 18 individuals and entities w
The Central Bank of the United Arab Emirates, UAE, has directed all bank and financial institutions to stop dealing with 18 individuals and entities who are allegedly linked to Qatar. The 18 entities were added to the list of those that had been blacklisted for having links with Qatar.
The directive by the UAE’s Central Bank makes it the first financial institution in the Gulf to take such a decision even as Saudi Arabia, Bahrain and Egypt are likely to follow. Just a few days ago, the four Arab countries announced that they were blacklisting nine groups based in Yemen and Libya and nine people from several Arab countries, saying all were directly or indirectly linked to Qatar, which the Saudi-led bloc accuses of financing terrorism. Doha denies the claims.
In a circular, the UAE watchdog asked banks and financial institutions to start immediate search for and freezing of all bank accounts, investments, and deposits that may be held by any individual or entity included on the list. The latest move suggests the two-month spat between Qatar and its Gulf neighbors is no closer to a resolution despite mediation by the United States and Kuwait.
Qatar said that the new blacklist was a disappointing surprise and that it was doing all it could to fight extremism. The four Arab states cut diplomatic and transport ties with Qatar, a major global gas supplier and host to the biggest U.S. military base in the Middle East, on June 5, accusing it of financing militant groups in Syria and allying with Iran, their regional foe.
The latest move to cut off accounts of entities linked to Qatar was part of the four countries’ efforts to fight terrorism by continually updating their lists of groups and individuals designated as terrorist. Last month, the UAE central bank ordered local banks to stop dealing with 59 individuals and 12 entities with alleged links to Qatar and to freeze their assets. It also told them to apply enhanced due diligence for any accounts they hold with six Qatari banks.
