UAE and Gulf businesses are poised to flood into Libya after the Emirates' Central Bank lifted a freeze on the African country's assets.
Complying with UN resolutions, Abdulrahim Mohamed Al Awadi, the UAE Central Bank's executive director and head of anti-money laundering, instructed financial institutions to "cancel the freeze on accounts in the names of central bank of Libya, Libyan Arab Foreign Bank and related bank accounts, and Libyan Oil Supply DMCC."
In a separate move, the UAE Central Bank also instructed lenders to halt trade finance with Iran amid heightened sanctions to pressure the country to end its nuclear programme, reported Reuters.
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