Responsibilities of the Natural and Legal Persons as per UAE Law

Responsibilities of the Natural and Legal Persons as per UAE Law: The procedures of implementing the Cabinet’s resolution No. (20) of 2019 concerning the regulations on Terrorists’ Lists; and implementing the Security Council’s Resolutions (this also includes Anti Money Laundering Law of UAE) concerning the prevention and suppression of terrorism, terrorism financing and proliferation financing.

Responsibilities of the Natural and Legal Persons

Any Person shall, without delay and without prior notice, freeze funds in its possession, under its control, or management, belonging to a Designated, controlled over, in full or partially, directly or indirectly, or belonging to person functioning on behalf of the Designated, or under its direction, or owned, controlled over by that Designated, directly or indirectly. And that person shall inform the competent authorities with that regard.

And in all cases, rights of bona fide third parties shall be taken into account upon the implementation of any of the freezing procedures.

Any Person shall be prohibited from making funds, in their possession, under their control or management, financial services, or other forms, directly or indirectly, available to the Designated or to their benefit unless by permission from the Office and after coordination with the Council or the relevant Sanctions Committee or in accordance with the Cabinet Resolutions or the relevant Security Council’s resolutions and as the case may be.