"Enacting
Counter Terrorism Financing Laws in the UAE and Bahrain: The Fusion of
Global Pressures, Regional Dynamics, and Local Interests" (Mediterranean Programme, Robert Schuman Centre for Advanced Studies,
European University Institute) Carlos L. Yordan (Drew University).
After the terrorist attacks of 11 September 2001, the UN Security
Council passed Resolution 1373, obligating all states to enact new laws
that criminalized activities related to terrorism, and making laws against terrorism financing a
priority. This paper analyzes
the reasons that inform the UAE's and Bahrain's decision to comply with
these financial standards. Both are becoming important global financial hubs and
their compliance has been used to attract foreign investments.
Moreover
conformity with these rules, which are similar to the ones found in the
USA PATRIOT Act, shows their commitment to Washington's global war on
terror, but without having to publicly support America's strategies.
HT to National Security Advisors.