03/11/2021
UAE businesses that must register in anti-money laundering systems
The deadline for non-financial businesses is March 31; failure to register could result in closure.
Legal, Tax, Regulation & Compliance
03/10/2021
DIFC records highest number of annual registrations since inception in 2020
The wide range of new clients further contributes to the breadth and depth of DIFC
03/10/2021
Oman to cut income tax on SMEs, offer investors long-term residency
To boost economic growth
03/10/2021
Bad loan provisions surged across UAE’s four biggest banks last year: Moody’s
Banks have strong buffers despite pandemic
03/10/2021
Bank Muscat continues anti-fraud campaign to raise public awareness
The bank’s special educational campaign is being carried out using various methods including Oman TV, radio, print and online media, and various social media channels.
03/09/2021
Secret guilty plea revealed in US Panama Papers criminal probe
Joachim Alexander von der Goltz repaid the U.S. government more than $230,000 after admitting to financial crimes revealed by the ICIJ investigation.
03/09/2021
Ashurst advises on $516 million ADES International takeover
Subject to the offer becoming unconditional, PIF has agreed to subscribe for shares in Innovative Energy in order to provide Innovative Energy with the financing required to acquire the ADES Shares from ADES Shareholders who accept the offer.
03/09/2021
QCB in process of issuing security controls applicable to fintechs
As a result, the QCB developed practices and response mechanisms to tackle cyber-attacks on the financial sector to enhance financial institutions’ cyber security capabilities.
03/09/2021
United Arab Emirates attracts corporate billions to climb tax haven ranking
A Dutch finance ministry spokeswoman said it had introduced a withholding tax to target flows of money to low-tax countries, including the United Arab Emirates and Bermuda, and to prevent the Netherlands being used as a conduit. It, however, estimates tha
03/08/2021
Saudi central bank extends deferred payment, guaranteed financing programmes
A statement published on the central bank website also said a guaranteed financing programme had been extended for an additional year until March 14, 2022 to support small and medium enterprises.
03/08/2021
Saudi central bank extends deferred payment, guaranteed financing programs
A statement published on the central bank website also said a guaranteed financing program had been extended for an additional year until March 14, 2022 to support small and medium enterprises.
03/08/2021
Dubai Govt departments can approve their own financial and accounting systems
Hamdan bin Mohammed issues Resolution on the Executive Regulation of the Financial Regulations of the Government of Dubai
03/05/2021
Importance of seeking arbitration
Herein, due to the nature of Islamic finance, it would be most prudent and appropriate to seek arbitration as the most suitable appropriate vehicle for settlement of all disputes.
03/05/2021
UAE Takes a Stand Against Illicit Finance
Through the landmark partnership between ADGMA and ACAMS, the UAE is ensuring that professionals equipped with essential knowledge remain at the forefront of their field.
03/04/2021
The General Tax Authority and the Qatar Financial Information Unit sign the Memorandum of Understanding
The two parties agree to collaborate and combat money laundering and tax evasion
03/04/2021
Saudi Arabia plans to move real estate transactions onto digital platform
Modernizing the real estate sector is a key part of the Kingdom’s efforts to diversify its economy.
03/03/2021
UAE Ministry of Economy extends anti-money laundering compliance date for four business categories
Property brokers, gem wholesalers have until March 31 to be in full compliance
03/03/2021
How will the new trusts law change the UAE advice sector?
Clients will ‘embrace having their assets protected’ in the country opposed to other ‘offshore centres’
03/03/2021
Masraf Al Rayan gets shareholder’s nod to raise sukuk size to $4bn
This will lead to the formation of a larger and stronger bank with a strong financial position and high liquidity with a variety of banking activities, customer portfolios, distinctive products, and a stronger base for financing development initiatives in
03/03/2021
Egypt: Central Bank Offers $820 Million Worth of Treasury Bonds
Egypt’s deficit rose to $2.8 billion in the July-September quarter, up from $1.4 billion in the same quarter of 2019, as the North African country felt the economic impact of the coronavirus disease (COVID-19) pandemic.