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The UAE's central bank announced that the decision to punish seven bureaux de change had nothing to do with a campaign on a network that was diverting illicit funds to Iran. The central bank in a statement to the decision "Reuters" to restrict the operations of 7 foreign exchange companies due to the violation of the regulations, including instructions for money laundering and non-adjustment during the period of grace. "The United States and the United Arab Emirates have successfully dismantled this network that transfers illegal funds to Iran," US Treasury Secretary Sigal Mandelker said at a time when Washington is redoubling its efforts to restrict trade and prevent access to foreign exchange. . Foreign exchange companies used the UAE financial system to transfer funds out of Iran and then convert them into dollars for use by Iranian-backed groups in the region. The seven trading institutions are: Taher Exchange, Al Hamza Exchange, Hamriya Money Exchange, Dubai Express Exchange, Sanaa Exchange, Cosmos Exchange and Bin Bakhit Exchange.
Observers in Abu Dhabi felt that there was no contradiction between Mandelker's comments and the clarification of the UAE's central bank. The seven exchange companies are closed because they are dealing with unrelated situations. They pointed out that the Central Bank's statement was aimed at removing suspicions of terrorist financing and cooperating with Iran on ATMs and clarifying violations that required punitive measures.
Under this decree, these enterprises are penalized by preventing any activity related to the transfer of money or the payment of wages to workers, after the non-modification of their conditions within the time allowed to them by the bank. The bank pointed out in the statement that it will not tolerate financial institutions that violate its regulations and instructions, and called for non-transfer of funds or payment of wages through the mentioned foreign exchange companies. .
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