Today, Saturday, the Central Bank of the Emirates announced a special and urgent inspection of the branches of the Bank of Egypt operating in the country, which includes an in-depth review of corporate banking transactions mentioned in a statement issued by the American authorities, against the backdrop of a proposal to take a special measure related to the bank’s branches in the Emirates as a financial institution operating outside the United States with major concerns related to money laundering.
The UAE Central Bank said that it reviewed, on Friday, the statement issued by the US authorities regarding the special measure proposal related to the “Bank of Egypt” branches operating in the Emirates, stressing that these branches are subject to the laws and regulations in force in the country.
He explained that the Central Bank expects all banks licensed in the Emirates not to expose the country's financial system to reputational risks, in addition to respecting the laws and regulations of countries that use their financial institutions to conduct transactions, and not to abuse the advanced financial infrastructure of the Emirates.
The bank indicated that it conducts periodic inspections of procedures for combating money laundering and combating terrorist financing in banks operating in the Emirates. It also verifies the efficiency of electronic systems related to examining sanctions and others, and requires banks to make the necessary improvements to these procedures and systems in accordance with the requirements of applicable laws and regulations.
With regard to the branches of the “Bank of Egypt” specifically, the Central Bank decided to conduct a special and urgent inspection, which includes an in-depth review covering the period referred to in the statement of the American authorities, with a special focus on the banking transactions of the companies mentioned in the statement.
The UAE Central Bank confirmed that it is currently studying the options available regarding the bank’s situation, if it is decided to take the appropriate measure against it after completing the procedures in accordance with American laws.
He added that he would take the appropriate decision in this regard at the time, taking into account Banque Misr’s obligations towards its clients in the UAE.
Saudi Arabia thwarted an attempt to smuggle 1,950,581 pills of the narcotic amphetamine, which were seized hidden in a consignment carried on trucks coming into the country through the Haditha border crossing with Jordan.
Hammoud Al-Harbi, spokesman for the Zakat, Tax and Customs Authority, explained that this quantity of narcotic pills was found hidden in a “lentil” consignment, after a truck was subjected to customs procedures and was examined using security techniques and live means.
Al-Harbi confirmed that the Authority is continuing through all ports to tighten customs control over Saudi imports and exports, and that it will stand guard against attempts to smuggle these pests and other prohibited items. To enhance the security and protection of society, in coordination and cooperation with the Ministry of Interior and the Narcotics Control Directorate.
The speaker called on everyone to contribute to combating smuggling to protect society and the national economy, by contacting the Authority on the number designated for security reports (1910) or by e-mail (Email: [email protected]) and the international number (009661910).
Al-Harbi noted that the Authority, through these channels, receives reports related to smuggling crimes and violations of the provisions of the Unified Customs System in complete confidentiality, while granting a financial reward to the informant if the information is correct.
Mauritanian Ismail Ould Sheikh Ahmed returned to the diplomatic arena, by being elected Secretary-General of the Organization of Islamic Cooperation, succeeding Chadian Hussein Ibrahim Taha, during an extraordinary ministerial meeting devoted to discussing the Palestinian issue, in Jeddah, yesterday. Ould Cheikh has more than three decades of experience, which he spent between international missions and working in the Mauritanian Ministry of Foreign Affairs.
In his first speech following his election, Ould Sheikh stressed that he looks at the future “with the logic of hope and the perspective of optimism.” The new Secretary-General placed Palestine at the top of the organization’s priorities, stressing that it will remain, with its political, humanitarian and civilizational dimensions, the “central issue,” and that defending it is a firm and unchanging commitment.
In turn, Saudi Foreign Minister Prince Faisal bin Farhan stressed that the delicate circumstances, the multiple crises of the region, and the political, security, economic, social and humanitarian challenges of the Islamic world make cooperation and solidarity an urgent and indispensable necessity. Saudi Arabia warned that the danger of the “E1” settlement project amounts to isolating East Jerusalem from its Palestinian surroundings, which directly threatens the possibility of establishing an independent, viable Palestinian state.
