The UAE central bank has said that it imposed sanctions on the Emirati branches of Iran’s Bank Melli, accusing it of violating local laws on money laundering, terrorism and arms proliferation, AFP reports.
The bank said in a statement that “it has been decided to prohibit all branches of Bank Melli Iran operating in the UAE from conducting any financial transactions to and from Iran, including trade finance and fund transfers”.
It cited “non-compliance with the regulations, laws and supervisory decisions in force in the UAE, including the requirements and obligations set out under the legislation related to combating money laundering, the financing of terrorism and proliferation financing”.
