11/25/2021
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
Legal, Tax, Regulation & Compliance
11/24/2021
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.
11/24/2021
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
11/24/2021
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
11/24/2021
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.
11/23/2021
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
11/23/2021
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.
11/22/2021
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.
11/21/2021
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.
11/19/2021
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.
11/19/2021
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.
11/19/2021
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.
11/19/2021
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.
11/19/2021
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.
11/19/2021
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.
11/19/2021
DFSA launches task force on sustainable finance in DIFC
Sustainability forms a key area of regulatory focus for the DFSA
11/19/2021
UAE Labour Law revamp will help businesses in talent war
Dubai-based Luke Tapp of Pinsent Masons, the law firm behind Out-Law, was commenting after Federal Decree - Law No.33 of 2021 on the regulation of labour relations in the private sector was issued.
11/18/2021
UAE Central Bank issues guidance for licensed exchange houses to combat money laundering
The country has strict laws to prevent money laundering and the financing of terrorism
11/17/2021
United Arab Emirates a go-to offshore haven for Africa’s political and business elite, leaked records show
The UAE’s record on illicit finance raises concerns for its relationship with the world’s poorest continent, experts say.
11/17/2021
Top US Treasury official urges UAE bankers over vital 'open communication' on illicit activities
"Participants shared their views about the banking sector's role in the global economic recovery, risks facing the financial sector in the region, and cybersecurity.