DUBAI, United Arab Emirates — The United Arab Emirates’ central bank said Wednesday that it had imposed sanctions on the Emirati branches of Iran’s Bank Melli, accusing it of violating local laws on money laundering, terrorism and arms proliferation.

The bank said in a statement that “it has been decided to prohibit all branches of Bank Melli Iran operating in the UAE from conducting any financial transactions to and from Iran, including trade finance and fund transfers.”

It cited “non-compliance with the regulations, laws and supervisory decisions in force in the UAE, including the requirements and obligations set out under the legislation related to combating money laundering, the financing of terrorism and proliferation financing.”

The announcement comes against the backdrop of the Middle East war, which began with US-Israeli strikes on Iran in late February, as well as Washington’s more recent economic pressure campaign against the Islamic Republic.

As part of the stepped-up campaign, the United States announced new measures at the end of August targeting Iran’s trading partners, and sanctioned the director of the Dubai branch of Bank........

© The Times of Israel