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Mon 12 Jun 2017 12:49 PM

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Bahrain freezes accounts, assets of Qatar-linked terror groups

Saudi Arabia and UAE central banks have banned 59 individuals, 12 entities

Bahrain freezes accounts, assets of Qatar-linked terror groups

Bahrain’s Central Bank has ordered all banks in the country to freeze accounts and assets of individuals and entities designated as the terrorist or terrorist organisations, it said on Sunday.

Last week, Saudi Arabia, the UAE and Bahrain, along with other Arab countries, severed diplomatic relations and transport links with Qatar, seeing the country to break ties with Iran and stop funding terror groups such as ISIS and Muslim Brotherhood.

On Friday, Saudi Arabia published a list of 59 individuals and 12 organisations involved in terrorism and mostly linked to Qatar. This list has been endorsed by the UAE, Egypt and Bahrain.

Following the move, the Central Bank of Bahrain instructed all licensed financial institutions operating in the country to freeze and seize any bank accounts, assets, deposits, investment accounts, insurance policies and financial transactions belonging to the individuals and entities cited in the terror lists, state-run Bahrain News Agency said.

The financial institutions have also been instructed to notify the central bank about any financial information which concerns these entities and individuals as soon as possible, it added.

On Sunday, the UAE Central bank asked lenders to do enhanced customer due diligence for any accounts they hold belonging to six Qatari banks -- Qatar Islamic Bank, Qatar International Islamic Bank, Barwa Bank, Masraf Al Rayan, Qatar National Bank and Doha Bank, state news agency WAM said.

Bloomberg reported earlier that Saudi Arabia’s central bank has ordered lenders in the country not to increase their exposure to any Qatari clients, while Saudi Arabian Monetary Agency has advised all licensed banks to stop processing any payments denominated in Qatari riyals.

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