International sanctions include measures issued by the UN Security Council (“UNSC”) and implemented by the UAE in support of international peace and security. The UNSC sanctions regime includes different economic and trade sanctions – this Guide is focused on implementation in the UAE of the UNSC’s targeted financial sanctions (“TFS”) related to freezing measures and prohibition to provide funds and services to individuals and entities that appear on what is known as the 'UN Consolidated List'.
All Member States of the United Nations – including the UAE – must implement TFS with regard to individuals or entities designated by the UNSC. In addition, the UNSC mandates the UAE as a member state to develop procedures to identify and apply freezing measures with regards to individuals or entities suspected of terrorist acts. In the UAE, there is a 'Local Terrorist List' prepared, approved and published in line with this mandate.
Compliance with TFS pursuant to the Local Terrorist List and the UN Consolidated List is mandatory. They apply as a matter of law in the ADGM. You mus...