Yemen's Central Bank: Britain's Transfer of Funds to Aden “Unjustified”
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Yemen's Central Bank in Sana'a denounces the Bank of England’s decision to transfer a portion of its frozen assets to the Central Bank in Aden.
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The Central Bank of Yemen called on the Bank of England to abide by international law
Sana’a Central Bank expressed great indignation at the Bank of England's decision to release assets frozen by the Republic of Yemen since 2016, totaling around 82 million GBP, and to grant the authority of the funds' disposal to the Central Bank in Aden.
In a statement, Sana’a Central Bank objected to the procedure, detailing that the Bank of England "froze the funds as a precautionary measure with the aim of preserving the assets of the Yemeni people until the end of the war or until parties sit down at the negotiating table."
The release of these funds and granting the authority of their disposal to the Central Bank in Aden is "unjustified”, according to the statement.
Furthermore, the statement went on to say that “Bank of England's decision will cause significant harm to the rights of Yemeni people in general and to banks operating in Yemen and their depositors in particular."
Any agreement with illegal representatives of the Yemeni people contradicts the Constitution, especially that the Central Bank in Aden "represents one of the economic war tools in the hands of the Saudi-led aggression," the statement added.
Moreover, Sana’a Central Bank condemned Aden's Central Bank over money laundering and outlawed balance billing practices aimed at funding military operations and the war on Yemen.
Therefore, the Central Bank of Yemen in Sana'a also called on the Bank of England to abide by international and banking laws which integrate transparency, accountability, and anti-corruption practices.
