Managers of Wealth Middle East -Wealth, private banking and asset management news and opinion

FinCEN Files reporting from North Africa and the Middle East

ICIJ partners investigated suspicious transactions linked to oil and gas companies, a doping and bribery scheme, Iran sanctions evasions and more.

United Arab Emirates: Economic substance notification and report templates issued

The MOF had removed the initial ES notification template from the MOF website due to errors contained within the template.

United Arab Emirates: Court allows late payment penalties on voluntary disclosures

This can lead to significant penalties in many cases.

Dubai watchdog stiffens oversight after private equity failures

Private equity industry in Dubai was rocked by the collapse of Abraaj in 2018

Qatar businessmen keen on Islamic finance in PH

“There is also a potential, and inward focus into the Philippines from Qatar, around the area of Islamic finance or Islamic banking,” he said.

Saudis targeted in new wave of financial scams

Fraudsters claim to be from trusted institutions such as central bank or Public Investment Fund

Supporting business: More than 320,000 customers benefit from UAE Central Bank's TESS

CBUAE report states role played by national banks in providing financial relief

Kuwait has no choice but to borrow to tackle deficit - audit body

The annual transfer will now be made only if Kuwait achieves a budget surplus

Lebanon gets more time to meet audit demand by creditors

But the central bank has handed over less than half of the documents needed to proceed with the audit.

Qatar Credit Bureau receives 2 ISO certifications for cybersecurity, business continuity

Sheikh Abdullah praised the centre's employees and its partners for their efforts in implementing the strategy and for their dedication to providing trusted solutions to their clients that helps develop the financial sector.

CBB warns banks’ customers on sharing information

In addition and as per prior alerts, customers are reminded that the CBB and banks would never request such sensitive information through telephone calls.

Saudi VAT increase: What are the long-term implications?

The kingdom hiked its value added tax (VAT) from 5 per cent to 15 per cent in July

Abu Dhabi introduces PPP regulations to support private sector investment in infrastructure

Abu Dhabi announced on 28 October 2020 that it will issue foreign direct investment licences to investors

The Impact of SARs Disclosures on Financial Institutions

The surprising releases of information from Suspicious Activity Reports (SARs) that were filed with the Financial Crimes Enforcement Network have sent shockwaves through the financial industry

Bahraini Court Fines Central Bank of Iran in Money Laundering Case

To date, the court has imposed a total of BD 330 million in fines against those found guilty in cases related to the Future Bank, confiscated financial transfer amounts worth $323 million, and issued custodial penalties against them.

Central Bank emphasises impact of Mohamed bin Zayed’s constant support during COVID-19 crisis on UAE’s current economic recovery

CBUAE stated that His Highness’ directives to support the UAE’s national economy and financial system during the COVID-19 crisis had an incredible impact on the country’s current economic recovery.

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