Identifier
Created
Classification
Origin
06ABUDHABI2210
2006-05-30 12:41:00
UNCLASSIFIED//FOR OFFICIAL USE ONLY
Embassy Abu Dhabi
Cable title:  

UAE CONCERNS: US-MIDDLE EAST/NORTH AFRICA PRIVATE

Tags:  PTER KTFN ECON EFIN ETTC PREL AE 
pdf how-to read a cable
VZCZCXYZ0024
RR RUEHWEB

DE RUEHAD #2210 1501241
ZNR UUUUU ZZH
R 301241Z MAY 06
FM AMEMBASSY ABU DHABI
TO RUEHC/SECSTATE WASHDC 5377
INFO RUEHZM/GULF COOPERATION COUNCIL COLLECTIVE
RUEATRS/DEPT OF TREASURY WASHINGTON DC
UNCLAS ABU DHABI 002210 

SIPDIS

SENSITIVE
SIPDIS

E.O. 12958: N/A
TAGS: PTER KTFN ECON EFIN ETTC PREL AE
SUBJECT: UAE CONCERNS: US-MIDDLE EAST/NORTH AFRICA PRIVATE
SECTOR DIALOGUE

REF: A. STATE 82665


B. ABU DHABI 02113

UNCLAS ABU DHABI 002210

SIPDIS

SENSITIVE
SIPDIS

E.O. 12958: N/A
TAGS: PTER KTFN ECON EFIN ETTC PREL AE
SUBJECT: UAE CONCERNS: US-MIDDLE EAST/NORTH AFRICA PRIVATE
SECTOR DIALOGUE

REF: A. STATE 82665


B. ABU DHABI 02113


1. (SBU) In response to Ref A, the following are key officers
at the Emirates Banking Association: 1) Mr. Fathi Mahmood
Saik, General Manager, (971)2-627-2541 (phone),
(971)2-627-4155(fax),ebuau@emirates.net.ae and, 2) Mr. Awni
Bushnaq, Financial and Administrative Manager, (971)
2-627-2541 (phone) and (971)2-627-4155 (fax).


2. (SBU) Bankers and employees of money exchange centers in
the UAE first and foremost complain about the impact of the
U.S. Patriot Act on banking transactions within the U.S.
Another concern is that money service businesses (MSBs) --
which operate as banks in the UAE and are regulated by the
Central Bank -- often cannot operate in the U.S. because they
are not considered banks. Some U.S. banks refuse to open
accounts with UAE money exchanges because they are worried
about the risk of having accounts with non-banks. According
to MSBs in the UAE, some U.S. financial institutions believe
UAE money service businesses are not regulated as stringently
as UAE banks. However, all UEA MSBs must comply with the
UAE's anti-money laundering and terror finance requirements
(Ref B).


3. (SBU) Econoff Amanda Curtis, (971) 2-414-2542, will
participate in the upcoming conference call with TFI at a
time TBD to discuss the background and goals of the
international private sector outreach initiative.
SISON