Financial Institutions Sanctions Compliance Publishes Akin Gump Article on UAE’s Updated Financial Sanctions Guidance

Financial Institutions Sanctions Compliance (FISC) has published the article 'New requirements for UAE companies under updated targeted financial sanctions guidance,' written by Akin Gump international trade partner Mac Fadlallah, counsel Lauren Talerman and associate Mazen Baddar.

First published as an Akin Gump client alert, the article discusses changes the United Arab Emirates has made to how it administers sanctions regimes. As a result of the changes, the authors write, the regime has shifted 'from one that was largely only implementing multilateral (United Nations Security Council) sanctions, to one that also imposes its own unilateral targeted sanctions and associated freeze orders and reporting requirements.'

The authors then outline the UAE legal framework for targeted financial sanctions, the new requirements issued under the guidance and the criteria for determining whether a UAE entity is subject to additional requirements under the guidance.

To read the original client alert, please click here.