11/11/2020
Will the UAE introduce income tax for ‘high earners’?
And could that actually be a good thing for the financial advice sector?
Legal, Tax, Regulation & Compliance
11/10/2020
A partnership between Mashreq and Dubai Commodities to support growing companies
“It is not enough to stress the importance of SMEs in promoting the growth and diversification of Dubai’s economy,” said Subroto Som, Head of Personal Banking Group in the Mashreq.
11/10/2020
Bahrain Amends Law to Help Startups Raise Capital
The amendment allows closed shareholding companies to introduce employee share schemes, enabling them to retain talent and incentivize their employees.
11/10/2020
SALAMA successfully introduces new Individual Life product range in compliance with UAE Regulation 49
The revisions were made to ensure higher value for customers and promote more transparency on benefits, charges and growth rates
11/10/2020
FinCEN Files reporting from North Africa and the Middle East
ICIJ partners investigated suspicious transactions linked to oil and gas companies, a doping and bribery scheme, Iran sanctions evasions and more.
11/09/2020
United Arab Emirates: Economic substance notification and report templates issued
The MOF had removed the initial ES notification template from the MOF website due to errors contained within the template.
11/09/2020
United Arab Emirates: Court allows late payment penalties on voluntary disclosures
This can lead to significant penalties in many cases.
11/09/2020
Dubai watchdog stiffens oversight after private equity failures
Private equity industry in Dubai was rocked by the collapse of Abraaj in 2018
11/09/2020
Qatar businessmen keen on Islamic finance in PH
“There is also a potential, and inward focus into the Philippines from Qatar, around the area of Islamic finance or Islamic banking,” he said.
11/09/2020
Saudis targeted in new wave of financial scams
Fraudsters claim to be from trusted institutions such as central bank or Public Investment Fund
11/08/2020
Supporting business: More than 320,000 customers benefit from UAE Central Bank's TESS
CBUAE report states role played by national banks in providing financial relief
11/06/2020
Kuwait has no choice but to borrow to tackle deficit - audit body
The annual transfer will now be made only if Kuwait achieves a budget surplus
11/06/2020
Lebanon gets more time to meet audit demand by creditors
But the central bank has handed over less than half of the documents needed to proceed with the audit.
11/06/2020
Qatar Credit Bureau receives 2 ISO certifications for cybersecurity, business continuity
Sheikh Abdullah praised the centre's employees and its partners for their efforts in implementing the strategy and for their dedication to providing trusted solutions to their clients that helps develop the financial sector.
11/06/2020
CBB warns banks’ customers on sharing information
In addition and as per prior alerts, customers are reminded that the CBB and banks would never request such sensitive information through telephone calls.
11/06/2020
Saudi VAT increase: What are the long-term implications?
The kingdom hiked its value added tax (VAT) from 5 per cent to 15 per cent in July
11/06/2020
Abu Dhabi introduces PPP regulations to support private sector investment in infrastructure
Abu Dhabi announced on 28 October 2020 that it will issue foreign direct investment licences to investors
11/06/2020
The Impact of SARs Disclosures on Financial Institutions
The surprising releases of information from Suspicious Activity Reports (SARs) that were filed with the Financial Crimes Enforcement Network have sent shockwaves through the financial industry
11/06/2020
Bahraini Court Fines Central Bank of Iran in Money Laundering Case
To date, the court has imposed a total of BD 330 million in fines against those found guilty in cases related to the Future Bank, confiscated financial transfer amounts worth $323 million, and issued custodial penalties against them.
11/06/2020
Central Bank emphasises impact of Mohamed bin Zayed’s constant support during COVID-19 crisis on UAE’s current economic recovery
CBUAE stated that His Highness’ directives to support the UAE’s national economy and financial system during the COVID-19 crisis had an incredible impact on the country’s current economic recovery.