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UAE cracks down on firms with Iran nuke links

The United Arab Emirates has cracked down on more than 40 global and local companies.



Dubai: The United Arab Emirates has
cracked down on more than 40 global and local companies in
line with the UN Security Council resolution that imposed
fresh sanctions against Iran over its nuclear programme, a
media report said today.

"Operations of any company in the UAE proved to have
connections with the Iranian Revolutionary Guard Corps (IRGC),
other entities or individuals subject to the UN asset freeze
will immediately be shut down,? the Gulf News reported quoting
an unnamed source.

Authorities in the UAE are tightening the noose on
companies the UN calls fronts for Iran`s nuclear weapons
industry.

According to the report, the UAE has already shut down
more than 40 international and local companies as part of a
crackdown on illegal dealing in strategic dual-use equipment
and materials and money laundering.

"The companies were proved to have been involved in
proliferation of dual-use and dangerous materials banned under
UN resolutions and the nuclear non-proliferation treaty
(NPT),? said the source, who declined to name these companies
or the nationalities of their owners.

The UN Security Council`s resolution 1929 targeted 40
new Iranian companies, including 15 linked to the elite
Revolutionary Guards.

On June 9, the UN Security Council slapped a fourth
round of sanctions on Iran over its controversial nuclear
programme, this time tightening the noose on military and
financial transactions.

The resolution bans the sale to Iran of eight new
types of heavy weapons and applies new restrictions on Iranian
investments abroad.

On June 10, an Iranian businessman asked to have his
name removed from a Dubai-based company connected with the
IRGC, the report said.

Meanwhile, the Dubai Financial Services Authority
(DFSA) has said it would require companies in the Dubai
International Financial Centre (DIFC) free zone to "treat all
transactions with clients domiciled in Iran as high-risk
transactions".

"Regulated entities may also consider additional steps
such as terminating the relationship with the relevant
customer or account or suspending the relevant transaction
pending further investigation" if they appear to evade
sanctions or do not disclose enough information to determine
whether they are evading sanctions, the DFSA said in a
statement.

The new UN sanctions were imposed after Iran pressed
on with uranium enrichment for its suspected Nuclear
weaponisation programme. Iran insists its nuclear programm is
peaceful and only for civilian purpose.

PTI

From Zee News

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