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

UAE adopts largest legislative reform in its history

Over 40 laws further support society and economy

CITC seeks public input on new digital content platform regulations

Regulator seeks input from the public in steering one of the country's fastest-growing sectors

Lebanon’s central bank vows to cooperate with audit as pound dips

Lebanon is in the throes of the deepest economic crisis since its 1975-1990 civil war.

2 former government officials appear before Seychelles' Supreme Court in missing $50 million case

The $50 million was granted to the Seychelles' government by the United Arab Emirates in 2002.

UR Islamic Bank selects CapitalCompliance

Capital Banking Solutions has been awarded the contract for the deployment of its integrated Anti-money laundering and tax evasion solution named CapitalCompliance

Apple sues Israeli spyware firm NSO Group

This action from Apple follows criticism from other tech firms including Microsoft, Meta Platforms (formerly Facebook), Google-owner Alphabet and Cisco Systems.

Initial results from IMA study shows room for improvement on diversity, equity & inclusion in finance and accounting in MENA

62% of management accounting professionals of all backgrounds believe the industry is ‘equitable’ and two-thirds (67%) say it is ‘inclusive’ – but only some female professionals agree

Banks in UAE waive over $272mln debts of 4,511 Emiratis

The noble move aimed at easing the burden of UAE nationals, consolidating the values of tolerance and cooperation and implementing charitable and humanitarian initiatives established by the country's leadership: senior bank executives

Dubai Bank Pays $100 Million to Resolve Sanctions Violations with DFS, OFAC and Federal Reserve

Mashreqbank processed more than $4 billion in illegal payments over the four-year period using this technique to disguise the illegal payments.

Dubai’s DAFZA, Export Bahrain sign agreement

The MoU seeks to encourage companies across the two countries to expand joint trade relations and enhance cooperation

Bank of Israel pledges to keep policy accommodative as risks remain

The shekel last week reached a 26-year high versus the dollar and 20-year peak against the euro.

Egypt issues regulations for SPACs

Also, the ownership percentage of legal persons shall not be less than 50 percent of the capital, while the proportion of financial institutions or qualified investors shall not be less than 25 percent.

Standard Chartered facing court case

Standard was hit by a further £900million fine in April 2019 for breaching the sanctions after a US investigation found it had been dealing with Iranian, Cuban and Sudanese individuals and entities.

Liechtenstein Confirms Probe into Lebanon’s Central Bank Governor

Salame has repeatedly denied any wrongdoing and said he had demonstrated that his wealth had been acquired before he took up his central bank post in 1993.

DIFC Court clarifies its jurisdiction in long-running Abraaj claim

The DIFC Court has the discretion to exercise its jurisdiction even where there is an opt out clause.

Dubai says gold-trading allegations are 'lies' and 'attacks'

UAE officials say critics feel threatened by the country’s success in building a gold industry.

Dubai regulator unveils sustainable finance task force in DIFC

The SFTF will meet in January to discuss the next steps and how issues surrounding sustainable finance could be progressed.

Turkey faces threat of inflation, currency crisis

But the lira is likely to continue its freefall and another abatement is likely in December, experts said.

Taiwan's taxation pact with Saudi Arabia takes effect

The agreement is the 34th taxation pact Taiwan has signed with another country, according to the MOF.

DFSA launches task force on sustainable finance in DIFC

Sustainability forms a key area of regulatory focus for the DFSA

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