Home UAE Freezes 41 Bank Accounts Linked to Iran

UAE Freezes 41 Bank Accounts Linked to Iran

The UAE Freezes 41 Bank Accounts Linked to Iran Gold Trades

A recent report in the Emirati Newspaper that claimed that the UAE federation would be working harder to track the companies in the UN security council potentially acting as fronts for the Iran Nuclear program and their gold investment system. Following that announcement, the UAE has frozen 41 bank accounts that they believe may be linked to Iran, awaiting further investigation where the gold has been bought in Dubai or other places of the UAE. (current gold rates here)

The UAE and the Islamic state have a long economic history. Thousands of Iranian individuals live and work in the heart of Dubai, thriving in the location’s incredible trade and business landscape. There are also countless Iranians dotted elsewhere throughout the UAE, helping to boost the multi-billion-dollar economy to thrive investing in gold.

Unfortunately, the UAE is under increasing pressure to act following increasing pressure from the West. Iran’s relationship with Dubai is beginning to pull scrutiny from the United States, who fear that Iran may be working on making bombs for a nuclear threat bought wth their gold reserves.

The UAE Has Been Forced to Act In Case Of Fraud Gold Investments

Despite Iran’s denial of any involvement with nuclear strategies, the United States has been spearheading a drive to isolate Tehran over atomic developments. Though the UAE is allied with Washington, Dubai’s economy relies heavily on trade with nearby countries like Iran.

The UAE central bank has told the financial institutions in the UAE to freeze a total of 41 accounts and freeze their transactions. However, further details about the statements on hold have not been revealed at this time. What’s more, the central bank has not been able to give any comment on the situation.

The UN strategy will call for action to be taken against Iranian banks overseas if connections are found to a missile program or nuclear strategy. Banks are also required to show vigilance when it comes to managing transactions with Iranian banks. The U.N has already blacklisted three firms controlled by the Islamic Republic for Shipping Lines, as well as a further 15 that are connected to the Revolutionary Guards. The UN may also be setting up a scheme for inspecting cargo shipments.

An Uncomfortable Relationship Going Forward

The UAE Newspaper “Gulf News” recently cited official sources for saying that companies proved to hold links to the Guards and other entities involved with nuclear activities would be frozen and shut down. The UAE has already locked down more than 40 companies in an attempt to reduce the risk of illegal dealing in equipment for dual use and money laundering.

In 2017, the re-exports that Dubai made to Iran, with goods originally taken from Asia and Europe, then sold to Iran rose by a rate of 4.8% in total. According to the Institute for Science and International Security, countries which might be exposed to concerns around transit must stand up and take action to stop Iran from getting the resources it needs to engage in a nuclear strategy.