The government is urging companies and investors to report any suspicious transactions
The UAE’s Securities and Commodities Authority (SCA) has ordered that the accounts of nine Iranian nationals and entities alleged to terror-related be frozen, it was announced on Wednesday.
The SCA requires companies working in securities and commodities to identify and freeze any funds, securities or commodities belonging to the individuals and entities on the list, as well as anyone related to them.
The procedures also requires companies to freeze funds linked to the listed individuals and entities.
The SCA only requires the companies to freeze the accounts if the names and related details are completely identical to those on the list.
In case of any doubt, companies are advised to contact the SCA’s Anti-Money Laundering and Counter-Terrorism Financing Procedures unit.
Additionally, the SCA has encouraged related parties and investors in UAE-based financial markets to report any suspicious transactions to government entities.