Guidance on Targeted Financial Sanctions for FIs, DNFBPs, and VASPs

Guidance on Targeted Financial Sanctions for FIs, DNFBPs, and VASPs

The term targeted sanctions means that such sanctions are imposed against specific individuals or groups, or undertakings. 

The term targeted financial sanctions includes both asset freezing and prohibitions to prevent funds or other assets from being made available, directly or indirectly, for the benefit of individuals, entities, groups, or organization who are sanctioned.

Guidance on Targeted Financial Sanctions for FIs, and DNFBPs

By Executive Office of the Committee for Goods Subject to Import and Export Control – updated as of May 2022 

The Executive Office of the Committee for Goods Subject to Import and Export Control has issued guidance on targeted financial sanctions for Financial Institutions (FIs) and Designated Non-Financial Businesses and Professions (DNFBPs) in UAE.

Guidance on Targeted Financial Sanctions for FIs, DNFBPs, and VASPs

By Executive Office for Control & Non-Proliferation – updated as of September 2022 

The Executive Office for Control & Non-Proliferation (EOCN) has updated the Guidance on Targeted Financial Sanctions (TFS) implementation for Financial Institutions, Designated Non-Financial Businesses and Professions, and Virtual Asset Service Providers in UAE. The said guidance captures the regulatory requirements followed by the FIs, DNFBPs, and VASPs as part of the effective implementation of Targeted Financial Sanctions.

The guidance note discusses the purpose of TFS, the freezing of funds, sector-relevant examples, and reporting related to TFS. Regarding enforcement of the TFS by the FIs, DNFBPs, and VASPs, the guidance document provides that the Supervisory Authorities have powers to supervise the implementation of TFS and issue administrative sanctions against the non-complying entity.

FAQs About Guidance on Targeted Financial Sanctions for FIs, DNFBPs, and VASPs

Targeted sanctions mean that certain restrictions or sanctions are levied against particular individuals, entities, or groups. The term TFS includes freezing assets or funds without delay and prohibiting making any funds or services available for the benefit of the sanctioned person

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