03/05/2013
Bahrain Central Bank prepares regulation crackdown
There are 405 registered financial institutions in Bahrain and the financial sector contributes 23 percent of Bahrain's GDP compared to 6 percent for the entire GCC.
Legal, Tax, Regulation & Compliance
02/26/2013
Oman's Bank Muscat hit by $39m prepaid card fraud
"We are exploring all avenues to minimise the impact on our shareholders and will pursue the various options available to the bank."
02/21/2013
Taylor Wessing plays role in NASDAQ Dubai exchange advisory group
the advisory group discussed ideas about regulatory models and the ideal practical framework to attract issuers.
02/21/2013
Dubai Chamber and ICC launch regional banking commission
This new initiative empowers Dubai Chamber, which occupies the Deputy Chair's position at ICC's World Chambers Federation (WCF), to create a Regional Banking Commission while effectively coordinating and communicating with the Banking Commission
02/19/2013
FATCA presents challenges for Lebanon
The United States’ Foreign Account Tax Compliance Act requires foreign banks to disclose the balances
02/17/2013
G20 ‘determined’ to address tax evasion by multinational companies
“We are determined to develop measures to address base erosion and profit shifting.”
02/14/2013
Dutch Bakers spin-off adds Luxembourg office and Turkey capability
Schuurmann joins Van Campen Liem as a partner and will work alongside Amsterdam partners Marc van Campen and Marcello Distaso
02/10/2013
Troubled Bahraini bank Arcapita files reorganisation plan
Arcapita's case is being closely watched in the Gulf, where companies have little recourse to orderly ways of dealing with insolvency.
02/10/2013
DFSA Signs Agreement With European Securities and Markets Authority
The signing took place during a meeting between Mr Ian Johnston, Chief Executive of the DFSA, and Dr Steven Maijoor, Chairman of ESMA. ESMA's Executive Director, Ms Verena Ross, was also present.
02/04/2013
Enforceability of judgments between the DIFC Courts and English Commercial Court
Significantly, the Memorandum creates a potential mechanism for English Commercial Court judgments to be enforceable in onshore Dubai (i.e. outside of the DIFC).
02/03/2013
Swiss tax haven is over
International tax services, apart from the American, will be able to collect data relevant from January 1, 2013.
01/31/2013
Cobbetts' Saudi alliance firm in the dark over deal's future
Cobbetts formed a strategic alliance with Jeddah-based Dr Nidal Atta Law Firm in September 2012
01/31/2013
UANI Calls on London Bullion Market Association and Istanbul Gold Exchange to Take Action to Stop Iran’s Trade for Turkish Gold
The trade of Turkish gold for Iranian crude oil is enabling the Iranian regime to evade sanctions
01/31/2013
FSA and SFO probe Barclays over Qatar loan - FT
The FSA and SFO have been looking into Barclays' emergency fundraising since July
01/27/2013
UK-UAE trade ties strengthened through memorandum between commercial courts
Dubai is now widely recognised as the investment and business hub of the Middle East
01/20/2013
Dubai shifts Amlak's DIFC cases to special committee
The move clarifies a decree in 2009 that established a special judicial committee to hear claims against Amlak
01/15/2013
Oman figures favourably in KPMG's tax rate survey
"We expect the global indirect tax rate average to continue to rise in 2013 as more governments continue their path to economic recovery."
01/12/2013
Dubai Group settles lawsuit over debt deal
Dubai Group was hit hard by the global financial crisis in 2008
01/09/2013
Hadef and Partners announce three new partners
Each has a solid client following within their specialism.
01/01/2013
FATCA: A new era of financial transparency
The IRS's powerful new tool chips away at bank secrecy.