UAE acts on money tranfers to Iran

Following sanctions over nuclear programme, central bank recommends stopping transactions.

Dubai pkg

It is no surprise that financial transactions with countries like the United States are banned as part of sanctions to do with Iran’s nuclear programme, but now a key regional partner is also clamping down.

The central bank of the United Arab Emirates (UAE) has advised banks in the federation, including those in Abu Dhabi and Dubai, to stop currency transfers with Iran.
This could be a serious blow for Iranian businesses and individuals, but it appears that the UAE is trying to clean up its image as a international financial centre.
At the same time, the UAE is finding itself embroiled with a financial scandal developing in Afghanistan.

Money flowing out of Afghanistan to Dubai is being investigated by the Afghan government.
Al Jazeera spoke to Robin Amlot, managing editor of Banker Middle East, in Dubai and James Bays, Al Jazeera’s Afghanistan correspondent, about the issues.

Source: Al Jazeera