Latest news with #financialsanctions
South China Morning Post
7 days ago
- Business
- South China Morning Post
Chinese economist warns that financial sanctions could become new US-China battleground
A prominent Chinese economist has cautioned that financial sanctions and countermeasures could 'become a new battleground' in China-US rivalry, while adding that the chance of Washington launching full-scale financial sanctions against Beijing remained slim. Advertisement Lian Ping, chairman of the China Chief Economists Forum, a government advisory think tank, said that although the odds of full-blown measures remain low, Washington could adopt a strategy of 'first targeting specific Chinese entities, then gradually expanding the scope to eventually push China out of the US dollar system'. His remarks, published on Thursday in a post on the think tank's WeChat social media account, come amid growing concerns that rising China-US tensions – currently centred on trade – could spill over into a financial war. While warning about the potential for such a conflict, Lian said it would be difficult for the US to implement the full-blown financial sanctions some fear Washington may impose on China – such as cutting it off from the Society for Worldwide Interbank Financial Telecommunication (Swift) system or freezing its US dollar assets. 'Sanctioning China within the Swift system would be akin to pulling down one of its main pillars, which would inevitably inflict serious damage on the system itself,' Lian said, citing China's standing as the world's largest trading nation and second-largest investor. Advertisement If the Swift system were to exclude China, countries with trade and investment ties to China would shift to using the Cross-border Interbank Payment System (CIPS) – China's alternative for settlements – which would undermine Swift's importance, he added.
Arabian Business
28-05-2025
- Business
- Arabian Business
CBUAE issues $5m fines to foreign banks
The Central Bank of the UAE has imposed financial sanctions worth $5m on two branches of foreign banks operating in the UAE, The sanctions amounted to AED10.6m ($2.9m) for the first bank and AED7.5m ($2m) for the second bank, pursuant to Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations. The financial sanctions were imposed based on the findings of examinations conducted by the CBUAE. CBUAE sanctions foreign banks Investigations revealed violations and failures to comply with the Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations framework, and related regulations. The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all banks and their staff, abide by the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the financial transactions and safeguard the country's financial system.
Zawya
28-05-2025
- Business
- Zawya
CBUAE imposes financial sanctions of 18.1mln on two branches of foreign banks operating in the UAE
Abu Dhabi: The Central Bank of the UAE (CBUAE) imposed financial sanctions on two branches of foreign banks operating in the UAE, amounting to 10,600,000 for the first bank and 7,500,000 for the second bank, pursuant to Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations. The financial sanctions were imposed based on the findings of examinations conducted by the CBUAE, which revealed violations and failures to comply with the Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations framework, and related regulations. The CBUAE, through its supervisory and regulatory mandates, endeavors to ensure that all banks and their staff, abide by the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the financial transactions and safeguard the UAE financial system.
Zawya
28-05-2025
- Business
- Zawya
CBUAE imposes financial sanctions of $4.93mln on two branches of foreign banks
The Central Bank of the UAE (CBUAE) imposed financial sanctions on two branches of foreign banks operating in the UAE, amounting to AED10,600,000 for the first bank and AED7,500,000 for the second bank, pursuant to Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations. The financial sanctions were imposed based on the findings of examinations conducted by the CBUAE, which revealed violations and failures to comply with the Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations framework, and related regulations. The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all banks and their staff, abide by the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the financial transactions and safeguard the UAE financial system.
Khaleej Times
28-05-2025
- Business
- Khaleej Times
UAE central bank imposes over Dh18 million fine against 2 foreign bank branches
A UAE authority imposed financial sanctions on two branches of foreign banks operating in the UAE, amounting to Dh10,600,000 for the first bank and Dh7,500,000 for the second bank, pursuant to Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations. The financial sanctions were imposed based on the findings of examinations conducted by the CBUAE, which revealed violations and failures to comply with the Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations framework, and related regulations. The CBUAE, through its supervisory and regulatory mandates, endeavors to ensure that all banks and their staff, abide by the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the financial transactions and safeguard the UAE financial system.
