UAE Expands Sanctions Authorities, Compliance Obligations
The United Arab Emirates recently introduced “significant” changes to how it administers sanctions, expanding its largely multilateral sanctions regime to also include unilateral measures, Akin Gump said June 28. The regime places new obligations on people and businesses in the UAE, including requirements to screen customers, freeze their assets and cut off transactions if customers violate UAE sanctions.
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Although the new regime “articulates significant obligations that” apply mainly for financial institutions, they can also apply to “all legal and natural persons in the UAE,” Akin Gump said. People and entities that don’t comply with the new obligations can be subject to prison time, fines of $13,000 (U.S. dollar equivalent) to $1.3 million and other penalties, including revoked trade licenses.