03/15/2022
General Tax Authority, RACA sign MoU on combating money laundering, tax evasion
The MoU was signed by President of the General Tax Authority Ahmed bin Issa al-Mohannadi and General Manager of RACA Ibrahim Abdulla al-Dehaimi.
Legal, Tax, Regulation & Compliance
03/15/2022
Lebanon judge freezes assets of five banks and members of their boards
Bank of Beirut and SGBL did not immediately respond to requests for comment.
03/15/2022
Linklaters advises Qatar Investment Authority
The transaction was led by Singapore-based private equity partner Robert Elliot.
03/15/2022
Sheikh Hamdan approves Services 360 policy to improve Dubai Government services
The initiative is expected to achieve annual financial savings exceeding Dhs1bn over the next five years and the elimination of nine million physical customer visits to service centers annually
03/15/2022
Lebanon judge freezes assets of 5 banks during probe
Lebanese banks have imposed informal capital controls since the economic crisis began in October 2019 after decades of corruption and mismanagement by the country’s political class.
03/14/2022
UAE, OECD discuss global tax standards, tax challenges arising from digitalising the economy
The UAE Ministry of Finance and OECD officials also discussed the need to address base erosion, profit shifting, economic substance regulations, and common reporting standards
03/14/2022
CBB Sukuk Al-Salam securities oversubscribed
The Central Bank of Bahrain announces that the monthly issue of the Sukuk Al-Salam Islamic securities, has been oversubscribed by 180%
03/13/2022
Central bankers face balancing act amid rising inflation, war and slower growth
Countries face a challenge in replacing supply of commodities from Russia and Ukraine
03/11/2022
Saudi Central Bank extends guaranteed financing program for small businesses
The program encourages Saudi banks to loan to small businesses by guaranteeing a portion of the funds, and was launched in response to the coronavirus-related economic downturn in Saudi Arabia.
03/11/2022
DFSA publishes regulatory framework to oversee cryptocurrencies
Open for public consultation until May 6, the proposed regulations are aimed at protecting investors and ensuring market integrity
03/11/2022
DFSA censures Paymentology Ltd for disseminating misleading and deceptive information
The DFSA found that, in making these statements, Paymentology disseminated misleading or deceptive information in breach of DFSA administered legislation.
03/11/2022
DFSA decisions to penalise Dalma Capital Management Limited and Zachary Cefaratti referred to Financial Markets Tribunal
Both Dalma and Mr Cefaratti dispute the DFSA’s findings and have referred the Decision Notices to the Financial Markets Tribunal
03/11/2022
APBEF-UBA: A new agreement on settlement of disputes between banks
The second agreement concerns the Mediation and Arbitration Centre of the Union of Arab Banks, with a partnership agreement aimed at resolving disputes between the various Tunisian banks.
03/11/2022
Al Rajhi Bank gets CMA nod for 60% capital raise to $11bn
Founded in 1957, Al Rajhi Bank is considered one of the world's largest Islamic banks by capital value.
03/10/2022
Dubai adopts first law regulating virtual assets
A regulatory authority will be established under the new law to oversee the sector
03/10/2022
Lebanon central bank seeks names of those who failed to repatriate funds amid crisis
Banks have denied claims of favoritism toward certain clients, and say they have consistently called on the government to introduce a capital control law to regulate the sector — something the government has failed to do.
03/10/2022
New rules boost Dubai’s international arbitration credentials
The new rules will take effect on 21 March 2022 and will replace rules which have been in place since 2007.
03/09/2022
Qatar First Bank to implement a capital raise of up to 420 million ordinary shares through its Rights Issue
QFB has recently announced its financial results for the year ending 31 December 2021
03/08/2022
Sophia Addas on her career milestone at Alvarez & Marsal in Saudi
Across its 50+ offices globally, Alvarez & Marsal supports the advancement of women through mentorship, training and flexible work models that help women thrive both professionally and personally.
03/08/2022
Saudi Central Bank extends Guaranteed Financing Program for one more year
This comes in line with SAMA’s mandate of promoting financial sector stability, supporting economic growth and enhancing its support to MSMEs development.