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
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
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