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

Jordan fires Basem Awadallah from Arab Bank administration

He was detained last month over an attempt to destabilise the kingdom's security.

Lebanese judge orders asset freezes for individuals tied to major banks

The complaint accuses local banks, which have frozen customers out of their deposits and blocked them from transferring cash abroad since the crisis erupted in late 2019, of crimes including negligence and fraud.

New Saudi law boosts efforts to combat financial fraud

Under the new law, the possible punishments for individuals convicted of committing financial crimes include up to seven years in prison and a maximum fine of SR5 million ($1.3 million).

UAE shakes up residency rules by offering passports to wealthy expats

Emirate hopes reforms will encourage investment and boost economy

QCB issues QR600 million treasury bills for May 2021

The treasury bills are issued through auction for banks operating in Qatar

Jump in demand for second passports among KSA expats

People have realized that they strongly need a plan B

Du secures $1bln financing deal with a group of banks

Telecoms company says two-part finance deal will be used for corporate purposes and infrastructure deployment

Central Bank of UAE issues specialised banks with low risk regulation

These banks to have a minimum paid-up capital requirement of Dh300 million

Istanbul joins EBRD Green Cities urban sustainability programme

The EBRD is already financing two metro lines that keep Istanbul on the move, and we are ready to fund more improvements to public transport and other areas of city life.

Lebanon central bank chief says French properties bought prior to becoming governor

A non-profit organization Sherpa and a group of lawyers had filed a legal complaint to France’s financial prosecutor against him over alleged corruption and money laundering

DLA Piper announces the promotion of Bahrain-based Mohamed Toorani to its partnership

In addition to Mohamed's promotion to partnership, the firm has announced the promotion of one lawyer to Legal Director and six lawyers to Senior Associate across its regional offices

Female judges take on the banks in Lebanon

Judges Ghada Aoun, Amani Salameh and Rania Rahme have all issued decisions against the country’s major financial establishments in recent weeks

Firms not complied to the UAE anti money laundering regulations to be penalised from May 1

Extended grace period for registration ends on April 30, 2021

UAE introduces guidelines on anti-money laundering

The guidelines are set to be published on the NAMLCFTC and other regulatory bodies’ websites, to increase knowledge of the rules and ensure action by licensed entities.

To promote financial inclusion National Bank of Egypt and talabat partner to provide advanced digital payment solutions

The cooperation stems from the mutual strategic focus towards the expansion of electronic payments, as well as supporting the Egyptian government's financial inclusion and digital transformation policies

UAE Government to enforce anti-money laundering rules with AED5m fines

The inspection campaign targets include brokers, real estate agents, auditors, dealers of precious metals and gemstones, and corporate service providers.

UAE Ministry of Economy starts inspections at brokers, consultants on anti-money laundering compliance

Designated businesses have to get compliant ready by April 30

Clyde & Co represents Credit Suisse on key DIFC Court of Appeal win

Clyde & Co represented Credit Suisse in the DIFC Courts proceedings,

Appleby Lawyers Recognised in Legal 500 Europe, Middle East & Africa Rankings

Legal 500, one of the leading international legal directories has published its Europe, Middle East & Africa rankings with the firm retaining its Leading tier 1 position.

UAE, UK host anti-money laundering training sessions

Key institutions from across the UAE benefitted from the skills and knowledge exchange

Legal, Tax, Regulation & Compliance