UAE banks bars deals with Qatar-linked people

UAE banks bars deals with Qatar-linked people
Published: 11 June 2017 - 3:30 a.m.
By: Reuters

The United Arab Emirates central bank has instructed local banks to stop dealing with 59 individuals and 12 entities with alleged links to Qatar and to freeze all their assets, the state news agency WAM reported on Friday.

This came after Saudi Arabia, the UAE, Egypt and Bahrain who have isolated Qatar by cutting all diplomatic and transport links with it this week put dozens of figures with links to the country on blacklists.

"In another circular, the Central Bank advised banks and other financial institutions operating in the UAE to apply immediately 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," WAM said.




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