The UAE Maintains two main Sanction List of sanctioned individuals and Entities:
- The UAE Terrorist List- Issued by the UAE Federal Cabinet.
- The UN Consolidated List – Issued by UN Security Council.
What is a Sanction List?
Sanctions List flags certain individuals, entities, and countries to fight against financial crime. Governments maintain a Sanction List across the globe to prohibit business transactions with such individuals, entities, and countries. Along with government officials, international authorities publish sanction lists to combat individuals engaged in any illegal activities as these individuals or organizations pose a high risk to the business or the economy of the country or the world as a whole.
- The UAE Terrorist List: This List consist of local terrorism lists issued under Federal Law No. 7 of 2014 on combating terrorism offences ( “Anti- Terrorism Law”) and sanctions regulations.
- The UN Consolidated List: This list consists of the sanctions list issued by the UN Security Council. Addition and removal from the sanctions list are affected by the UN Security Council under Chapter 7 of the UN Convention for the Suppression of the Financing of Terrorism and Proliferation of Weapons of Mass Destruction.
Changes to the local Lists and sanctions List are regulated updated on the official website of the Executive Office:
As per the Regulations, it is mandatory for all the DNFBPs to:-
- Subscribe on the Executive Office’s website to receive notifications related to a new listing, re-listing, updating, or de-listing decisions issued by the UN Security Council, the Sanctions Committee, or the Cabinet.
- Regularly screen their databases and transactions against names on lists issued by the UN Security Council, the Sanctions Committee, or the Local Lists.
- Set and effectively implement internal controls and procedures to ensure compliance with the obligations arising from the Cabinet Resolution No. 74 of 2020.
- Implement freezing measures immediately when a match is found through the screening process without delay and prior notice to the Listed Person.
Immediately notify the Supervisory Authority if any match with the list is detected – file the TFS Report through the GoAML Portal.
For more info, contact NUFCA.