Article 16.1 of the AML-CFT Law and Article 60 of the AML-CFT Decision require LEH to promptly apply directives issued by the Competent Authorities of the UAE for implementing the decisions issued by the United Nations Security Council under Chapter VII of the Charter of the United Nations (“UN”). In furtherance of this requirement, the Cabinet Decision 74 sets out the legal and regulatory framework in the UAE regarding Targeted Financial Sanctions (“TFS”).

For more information and details on their obligations in relation to their sanctions obligations LEH should consult Paragraph 16.25 of the Standards; the Executive Office of the Committee for Goods and Materials Subjected to Import and Export Control‘s “Guidance on Targeted Financial Sanctions for Financial Institutions and designated non-financial business and professions”; the “CBUAE Guidance for Licensed Financial Institutions on the Implementation of Targeted Financial Sanctions” as well as the “CBUAE Guidance for Licensed Financial institutions on Transaction Monitoring Screening and Sanctions screening”¹¹.

Furthermore, LEH must sign up for the Integrated Enquiries Management System (IEMS) introduced by the FIU to automate and facilitate the execution process of requests for information, implementing decisions of public prosecutions and any other type of ML/FT requests. Via this system, the FIU can make requests to all LFIs simultaneously with the goal of processing requests and providing results to Law Enforcement Agencies more efficiently. For more information, LEH should consult the IEMS User Guide published by FIU¹².

¹¹ Available at: https://www.centralbank.ae/en/cbuae-amlcft
¹² Available at: https://www.uaefiu.gov.ae/media/jtdnttby/integrated-enquiry-management-system.pdf