With regards to Reuters inquiry about the three UAE-based companies Muhit Maritime FZE, registered in Jebel Ali Free Zone, and Fujairah Free Zone-based Issa Shipping FZE and Asia Charm Ltd, the UAE Government states the following:
The UAE takes its role in protecting the integrity of the global financial system extremely seriously. This means actively administering and enforcing economic and trade sanctions. The UAE has the essential components of a sanctions compliance program in place, including engaging with the private sector to further promote understanding of, and compliance with, sanctions requirements.
The UAE government does not seek to comment on specific, or ongoing investigations. However, where the integrity of the UAE’s compliance commitments is called into question, or the UAE is wrongfully perceived to ignore apparent violations, we have a duty to respond.
The UAE confirms that a thorough and comprehensive investigation is fully underway into the three named entities. This includes using recent legislative changes (Cabinet Resolution no 58), designed to improve corporate transparency through a framework for reporting and registering beneficial ownership.
The scale and complexity of financial crime has increased. So too has the UAE’s awareness and understanding of it. That is why the UAE is committed to taking action. This is reflected in the high-level policy and political commitment to establish and operate a sophisticated financial crime compliance system.
This includes a shared objective across all UAE entities to prevent, detect, and deter illicit activity in the financial system. As part of this, we are improving the way we are sharing information across our financial sector and with law enforcement and government.
Source: UAE Ministry of Foreign Affairs