Banks in UAE have been asked by the Central Bank to freeze the assets of 19 Libyan individuals and entities in line with two UN Security Council resolutions against the Muammar Gaddafi regime.
“We have implemented UN Security Council’s Resolutions on Libya and are in the process of preparing a report. We are expecting within the next week or so to complete the report for onward submission to the Ministry of Foreign Affairs,” said Mr Abdul Rahim Al Awadi, Executive Director at the UAE central bank’s anti-money laundering and suspicious cases unit.
Mr Al Awadi was quoted by the UAE news agency Wam as saying that banks have been instructed to search for and freeze any accounts or investments or deposits or safe deposit boxes in the names of the individuals and entities which appeared in the two UN Security Council resolutions on Libya, one of which has 12 names and the other seven.
The banks have also been told to stop any fund transfers linked to the names mentioned in the two resolutions.