Identifier
Created
Classification
Origin
07MANAMA429
2007-05-10 14:03:00
SECRET
Embassy Manama
Cable title:
BAHRAIN: IMPLEMENTATION OF ASSET FREEZE FOR BANK
how-toVZCZCXRO1287 OO RUEHDE RUEHDIR DE RUEHMK #0429 1301403 ZNY SSSSS ZZH O 101403Z MAY 07 FM AMEMBASSY MANAMA TO RUEHC/SECSTATE WASHDC IMMEDIATE 6804 INFO RUEHZM/GULF COOPERATION COUNCIL COLLECTIVE IMMEDIATE RHMFISS/HQ USCENTCOM MACDILL AFB FL IMMEDIATE RHBVAKS/COMUSNAVCENT IMMEDIATE RUEATRS/DEPT OF TREASURY WASHDC IMMEDIATE RUCNDT/USMISSION USUN NEW YORK IMMEDIATE 0084
S E C R E T MANAMA 000429
SIPDIS
SIPDIS
PASS TO EB/ESC/TFS FOR BADKINS
NEA/ARP,IO/PSC FOR BFITZGERALD
TREASURY FOR DGLASER AND OFAC FOR RWERNER
E.O. 12958: DECL: 05/10/2017
TAGS: EFIN KNNP PARM BA IR ECTRD REGION
SUBJECT: BAHRAIN: IMPLEMENTATION OF ASSET FREEZE FOR BANK
SEPAH
REF: STATE 60238
Classified By: DCM Susan L. Ziadeh, reasons 1.4 (b) and (d).
S E C R E T MANAMA 000429
SIPDIS
SIPDIS
PASS TO EB/ESC/TFS FOR BADKINS
NEA/ARP,IO/PSC FOR BFITZGERALD
TREASURY FOR DGLASER AND OFAC FOR RWERNER
E.O. 12958: DECL: 05/10/2017
TAGS: EFIN KNNP PARM BA IR ECTRD REGION
SUBJECT: BAHRAIN: IMPLEMENTATION OF ASSET FREEZE FOR BANK
SEPAH
REF: STATE 60238
Classified By: DCM Susan L. Ziadeh, reasons 1.4 (b) and (d).
1. (C) Pol/Econ Chief May 7 delivered reftel demarche
concerning implementation of the asset freeze for Bank Sepah
to MFA Assistant Under Secretary for Coordination and Follow
Up Shaikh Abdul Aziz bin Mubarak Al Khalifa, emphasizing in
particular Bank Sepah's self-reported relationship with
Bahrain's Future Bank. Shaikh Abdul Aziz said that he would
consult with other concerned entities, including the Central
Bank of Bahrain, and provide what information he could on GOB
steps to identify and freeze Bank Sepah assets in Bahrain.
2. (C) Central Bank of Bahrain (CBB) Superintendent of the
Compliance Directorate Bushra Al Haddad told EconOff May 10
that the CBB was taking its review of the Bahraini banking
system's exposure to Bank Sepah-related activity very
seriously. Al Haddad, a reliable and knowledgeable Embassy
contact, declined to offer specifics, explaining that she was
unsure how much information she was cleared to share. "This
is all being handled very carefully." She said the CBB's
activity was being closely coordinated with the Ministry of
Foreign Affairs and said formal, high-level correspondence
was regularly being exchanged between the CBB and the
Ministry on this subject.
3. (S) Al Haddad said the CBB had implemented the UNSCR 1747
asset freeze and had issued a circular to that effect. The
CBB had discovered no Bank Sepah deposits in Bahrain's
financial system. However, she said there appeared to be
some institutions, possibly including Future Bank, that were
holding notes on Bank Sepah-related loans. "People are
concerned over the prospect of not being able to recover
their assets."
4. (U) Post will continue to pursue specific answers to
reftel questions at a more senior level within the GOB and
report subsequent responses soonest.
********************************************* ********
Visit Embassy Manama's Classified Website:
http://www.state.sgov.gov/p/nea/manama/
********************************************* ********
MONROE
SIPDIS
SIPDIS
PASS TO EB/ESC/TFS FOR BADKINS
NEA/ARP,IO/PSC FOR BFITZGERALD
TREASURY FOR DGLASER AND OFAC FOR RWERNER
E.O. 12958: DECL: 05/10/2017
TAGS: EFIN KNNP PARM BA IR ECTRD REGION
SUBJECT: BAHRAIN: IMPLEMENTATION OF ASSET FREEZE FOR BANK
SEPAH
REF: STATE 60238
Classified By: DCM Susan L. Ziadeh, reasons 1.4 (b) and (d).
1. (C) Pol/Econ Chief May 7 delivered reftel demarche
concerning implementation of the asset freeze for Bank Sepah
to MFA Assistant Under Secretary for Coordination and Follow
Up Shaikh Abdul Aziz bin Mubarak Al Khalifa, emphasizing in
particular Bank Sepah's self-reported relationship with
Bahrain's Future Bank. Shaikh Abdul Aziz said that he would
consult with other concerned entities, including the Central
Bank of Bahrain, and provide what information he could on GOB
steps to identify and freeze Bank Sepah assets in Bahrain.
2. (C) Central Bank of Bahrain (CBB) Superintendent of the
Compliance Directorate Bushra Al Haddad told EconOff May 10
that the CBB was taking its review of the Bahraini banking
system's exposure to Bank Sepah-related activity very
seriously. Al Haddad, a reliable and knowledgeable Embassy
contact, declined to offer specifics, explaining that she was
unsure how much information she was cleared to share. "This
is all being handled very carefully." She said the CBB's
activity was being closely coordinated with the Ministry of
Foreign Affairs and said formal, high-level correspondence
was regularly being exchanged between the CBB and the
Ministry on this subject.
3. (S) Al Haddad said the CBB had implemented the UNSCR 1747
asset freeze and had issued a circular to that effect. The
CBB had discovered no Bank Sepah deposits in Bahrain's
financial system. However, she said there appeared to be
some institutions, possibly including Future Bank, that were
holding notes on Bank Sepah-related loans. "People are
concerned over the prospect of not being able to recover
their assets."
4. (U) Post will continue to pursue specific answers to
reftel questions at a more senior level within the GOB and
report subsequent responses soonest.
********************************************* ********
Visit Embassy Manama's Classified Website:
http://www.state.sgov.gov/p/nea/manama/
********************************************* ********
MONROE