Latest news with #financialsanctions
Asharq Al-Awsat
15-07-2025
- Business
- Asharq Al-Awsat
Lebanon Bans Dealing with Hezbollah Financial Entity
Lebanon's central bank has banned banks and brokerages from dealing with a Hezbollah-affiliated financial institution, according to a circular, a sign of the group's diminished sway over state affairs since its devastating war with Israel. Keeping up military pressure on the Iran-backed group, Israel on Tuesday launched some of its heaviest airstrikes since a ceasefire in November, saying it hit training camps and weapons depots in east Lebanon. A security source in Lebanon said 12 people were killed, five of them Hezbollah fighters, Reuters reported. Hezbollah has faced mounting pressures since the war, including financial ones. In the circular, dated July 14 and reviewed by Reuters, Banque du Liban prohibited all licensed financial institutions in Lebanon from dealing directly or indirectly with unlicensed entities and listed Hezbollah's Al-Qard Al-Hassan as an example. The US Department of Treasury imposed sanctions on Al-Qard Al-Hassan in 2007, saying Hezbollah used it as a cover to manage "financial activities and gain access to the international financial system". Bolstered by its powerful arsenal, Hezbollah had long exercised decisive influence over Lebanese state affairs, but it was unable to impose its will in the formation of a post-war government in February. Al-Qard Al-Hassan, founded in 1983, describes itself as a charitable organisation which provides loans to people according to Islamic principles that forbid interest. Israel struck some of its branches during its war with Hezbollah last year. Operating as a not-for-profit organisation under a licence granted by the Lebanese government, it has more than 30 branches, mostly in southern Lebanon and the Bekaa Valley. SHADOW ECONOMY A Lebanese official said the central bank move had been in the works for months, and reflected US pressure on Lebanon to take action against Hezbollah's financial wing. Nassib Ghobril, chief economist at Byblos Bank, said Lebanese banks were already careful to avoid dealing with Al-Qard Al-Hassan because it is under US sanctions. "The important point is that finally the authorities are addressing the shadow economy in Lebanon, which is the real problem," he said, adding that authorities had long failed to address its "toxic effects". In June, the European Commission included Lebanon in an updated list of high-risk jurisdictions presenting strategic deficiencies in their national anti-money laundering and countering the financing of terrorism. Last year, global financial crime watchdog FATF placed Lebanon on its "grey list" of countries under special scrutiny.
Zawya
07-07-2025
- Business
- Zawya
CBUAE imposes financial sanctions of $1.1mln on three exchange houses
he Central Bank of the UAE (CBUAE) imposed varying financial sanctions amounting to AED4,100,000 on three exchange houses, pursuant to Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations and its amendments. The financial sanction has been imposed after assessing the findings of examination conducted by the CBUAE, which revealed that the three exchange houses failed to comply with AML/CFT policies and procedures. The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all exchange houses, their owners, and staff abide by the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the financial transactions and safeguard the UAE financial system.
Zawya
07-07-2025
- Business
- Zawya
CBUAE imposes financial sanctions of AED 4.1mln on three Exchange Houses
Abu Dhabi: The Central Bank of the UAE (CBUAE) imposed varying financial sanctions amounting to 4,100,000 on three exchange houses, pursuant to Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations and its amendments. The financial sanction has been imposed after assessing the findings of examination conducted by the CBUAE, which revealed that the three exchange houses failed to comply with AML/CFT policies and procedures. The CBUAE, through its supervisory and regulatory mandates, endeavors to ensure that all exchange houses, their owners, and staff abide by the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the financial transactions and safeguard the UAE financial system.
Arabian Business
10-06-2025
- Business
- Arabian Business
UAE central bank fines 6 exchange houses $3.3m
The Central Bank of the UAE imposed financial sanctions on six exchange houses, amounting to AED12.3m ($3.3m). The sanctions were pursuant to Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations and its amendments. The financial sanctions were imposed based on the findings of examinations conducted by the Central Bank, which revealed the violations and failures of the six exchange houses to comply with the AML/CFT framework, and related regulations. CBUAE financial sanctions The Central Bank, through its supervisory and regulatory mandates, endeavours to ensure that all exchange houses, their owners, and staff abide by national laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the financial transactions and safeguard the country's financial system.
Zawya
10-06-2025
- Business
- Zawya
CBUAE imposes financial sanctions of $3.35mln on six exchange houses
The Central Bank of the UAE (CBUAE) imposed varying financial sanctions on six exchange houses in the UAE, amounting to AED12,300,000, pursuant to Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations and its amendments. The financial sanctions were imposed based on the findings of examinations conducted by the CBUAE, which revealed the violations and failures of the six exchange houses to comply with the AML/CFT framework, and related regulations. The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all exchange houses, their owners, and staff abide by the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the financial transactions and safeguard the UAE financial system.
