News

His Excellency Director of the Executive Office for the Committee for Goods and Materials Subject to Import and Export Control (CGMSIEC) launched a website on Targeted Financial Sanctions (TFS) on the Committee’s website. The website includes several sections, covering the legal framework, the list of designated entities, a section on sanctions implementation, the role of UAE Government authorities, and another on grievance procedures and exemptions.

His Excellency underscored the importance of the new content and design to enhance the user experience. Moreover, he emphasized that the comprehensiveness of the content was drafted to allow the government and private sector identify their obligations and apply financial sanctions in line with international standards.

For his part, His Excellency Rashid Mattar Al Manai, Director of the Targeted Financial Sanctions Department at the Executive Office of CGMSIEC, explained that the updated website content reflects UAE efforts to strengthen international cooperation, particularly in complying with the Financial Action Task Force (FATF) recommendations to implement effective measures to combat terrorist financing and the proliferation financing of arms and weapons of mass destruction. He further explained that Cabinet Resolution No. 74 of 2020 and the relevant federal decisions are considered an important element to regulates the implementation of the Sanctions, specifically those imposed by the UAE Federal Cabinet and the Security Council resolutions. Moreover, the articles of the resolution specify the obligation and commitment expected from the relevant government entities, Financial Institutions (FIs) and Designated Non-Financial Businesses and Professions (DNFBPs).

His Excellency stated that the website has adopted the latest technologies and complied with the requirements and recommendations of the Financial Action Task Force (FATF). The website includes a subscription service that allows the public to register and receive updates on the local terrorist list issued by the UAE Federal Cabinet, as well as the updates on the United Nation Security Council consolidated sanction list. These updates generally include additions, modifications, or the deletion of the names of individuals and entities subject to the freezing of funds and assets and travel ban. Thus, this service enables financial institutions and   Designated Non-Financial Businesses and Professions (DNFBPs) to receive the latest updates immediately.

Moreover, His Excellency underscored that the site includes sections that provide a comprehensive explanation about Targeted Financial Sanctions (TFS). Moreover, the website contain a section on the obligations of Financial Institutions (FIs) and Designated Non-Financial Businesses and Professions (DNFBPs) mainly the requirement on screening the current and potential customers, implementation of asset freezes and notification requirements to the Supervisory Authority and the Executive Office appointed as the national coordinator of Targeted Financial Sanctions (TFS). The website also includes a section outlining the authorities’ interagency coordination activities in reference to the implementation of TFS.

His Excellency stated that all individual and legal entities in the UAE must consult with their respective supervisory authority or the Executive Office to ensure effective implementation of Cabinet Resolution No. 74 of 2020 in relation to Targeted Financial Sanctions (TFS).

His Excellency added: "The updated website also includes multiple publication such as the “Targeted Financial Sanctions Implementation Guideline” and “Typologies & Redflags” which provide an extensive information on various aspects of combating terrorist financing and proliferation financing. The guideline also illustrate the processes for grievance requests by affected persons and entities, requests for the use of funds frozen and de-listing request.

The Committee’s website was launched in October 2019 and covers legislation, including laws and regulations governing the work of the CGMSIEC, as well as the updated list for dual use controlled goods based on Cabinet Resolution No. 50 of 2020 and annexed to Federal Law No. 13 for the year 2007 with regards to the goods subject to import and export control.