Identifier
Created
Classification
Origin
07ABUDHABI761
2007-05-09 13:18:00
SECRET
Embassy Abu Dhabi
Cable title:  

SEPAH ASSETS UPDATE

Tags:  EFIN KNNP IR PARM DA SW AE 
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Diana T Fritz 05/10/2007 03:45:43 PM From DB/Inbox: Diana T Fritz

Cable 
Text: 
 
 
S E C R E T ABU DHABI 00761

SIPDIS
CXABU:
 ACTION: ECON
 INFO: AMB DCM TREAS OFAC DAO POL P/M

DISSEMINATION: ECON
CHARGE: PROG

APPROVED: DCM:MQUINN
DRAFTED: OFAC:JBEAL
CLEARED: ECON:OJOHN

VZCZCADI558
OO RUEHC RUEATRS RUCNIRA
DE RUEHAD #0761 1291318
ZNY SSSSS ZZH
O 091318Z MAY 07
FM AMEMBASSY ABU DHABI
TO RUEHC/SECSTATE WASHDC IMMEDIATE 8911
INFO RUEATRS/DEPT OF TREASURY WASHINGTON DC PRIORITY
RUCNIRA/IRAN COLLECTIVE
S E C R E T ABU DHABI 000761 

SIPDIS

STATE FOR ISN/CPI (JCHALMERS),NEA/IR (SMISKO)
TREASURY FOR RLOEFFLER

E.O. 12958: DECL: 05/09/2017
TAGS: EFIN KNNP IR PARM DA SW AE
SUBJECT: SEPAH ASSETS UPDATE

REF: A. STATE 60238

B. ABU DHABI 590

Classified By: Deputy Chief of Mission Martin Quinn, for reasons 1.4 b
and d.

S E C R E T ABU DHABI 000761

SIPDIS

STATE FOR ISN/CPI (JCHALMERS),NEA/IR (SMISKO)
TREASURY FOR RLOEFFLER

E.O. 12958: DECL: 05/09/2017
TAGS: EFIN KNNP IR PARM DA SW AE
SUBJECT: SEPAH ASSETS UPDATE

REF: A. STATE 60238

B. ABU DHABI 590

Classified By: Deputy Chief of Mission Martin Quinn, for reasons 1.4 b
and d.


1. (S) The UAE Central Bank issued a circular to all UAE
banks to freeze assets under 1747 within four days of the UN
resolution (Ref A). The UAE has not reported the total
amount of assets frozen but the Central Bank Governor, Sultan
bin Nasser al Suweidi, informed Treasury Assistant Secretary
Patrick O,Brien on April 25, 2007 that there have only been
a few accounts frozen that were for Bank Sepah and there was
very little money. Governor Suweidi said most Bank Sepah
related transactions were trade financing, which were
blocked. (Septel) Governor Suweidi also reported that the
Central Bank is preparing the 60 day UN report regarding its
implementation of UNSCR 1747.


2. (S) Post does not have evidence of asset flight and was
informed by the Head of the International Division of the
Anti-Money Laundering and Suspicious Cases Unit that even
Iranian Banks Melli and Saderat had reported to the Central
Bank about frozen accounts (Ref B). (Note. Bank Sepah does
not have operations or a branch in the UAE. End note).


3. (S) Financial institution representatives, that emboffs
have contacted, confirm that they have received the Central
Bank circular.
SISON