All Designated Non-Financial Businesses and Professions need to comply with the obligations as per Cabinet Decision No. 74 of 2020 for UNSCRs 1718 (2006) & 2231 (2015).
Industries subject to these sanctions include dealers of precious metals and precious stones, real estate brokers and agents, corporate services providers, auditing or accounting firms, and legal consultancy companies.
The UAE has enforced regulations on the export and import control of dual-use items. These rulings specify the licensing & reporting requirements for individuals involved in the import, export, transit, & trans-shipment of all kinds of dual-use Items within the jurisdiction of the UAE.
All Designated Non-Financial Businesses must ensure that clients dealing in dual-use items have a valid permit to conduct such trades. The Executive Office of The Committee For Goods & Materials Subjected To Import & Export Control has made the list of dual-use items UAE Control List available on its website as per Cabinet Resolution No. 50 for 2020 regarding the control list annexed to Federal Law No. 13 for 2007 relating to commodities subjected to import & export control & dual-use chemicals subject to import and export control.
Immediately report all potential or confirmed matches related to any individuals or entities designated according to the UNSCRs mentioned above. Reporting covers:
The Executive Office of the Committee For Goods & Materials Subjected To Import & Export Control has published many guidance documents concerning targeted financial sanctions. DNFBPs can refer to these guidance documents:
All DNFBPs should prevent the provision of all transactions or services that can contribute to the evasion of Targeted Financial Sanctions imposed according to UNSCR 2231 (2015) & UNSCR 1718 (2006).
All DNFBPs need to comply with the mentioned requirements upon the issuance of this notice. To know more, reach out to us.