"The seven exchange houses had their licences downgraded because they were found to be in violation of central bank regulations, including anti-money laundering regulations, and then failed to regularise their status during a grace period," a central bank statement to Reuters said.
UAE airline offers free stopover to passengers from Pakistan
It added that the downgrade, originally announced in June, was not linked to a disclosure by Washington that the United States and the UAE had disrupted a currency exchange network transferring funds to Iran's Islamic Revolutionary Guards.
Sigal Mandelker, Under Secretary for Terrorism and Financial
Intelligence at the US Treasury, said on Thursday that the network was dismantled in May. Currency exchanges used the network to transfer cash out of Iran and convert it into US dollars for use by Iranian-supported proxy groups, she said.
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