03/29/2022
EU states freeze $130 million worth of Lebanese assets
The European Union Agency for Criminal Justice Cooperation, or Eurojust, said the investigation targets five suspects accused of money laundering.
Legal, Tax, Regulation & Compliance
03/29/2022
CBB treasury bills oversubscribed
The bills, carrying a maturity of 91 days, are issued by the CBB, on behalf of the Government of the Kingdom of Bahrain
03/28/2022
EBRD and FATEN boost women entrepreneurs in West Bank and Gaza
The EBRD loan will help FATEN to increase funding to women-led local, private MSMEs in the West Bank and will be accompanied by 20 per cent first-loss risk cover for FATEN.
03/28/2022
Baker McKenzie earns top awards in Saudi Arabia and the UAE at the Chambers Middle East Awards 2022
“Saudi Arabia Banking & Finance Law Firm of the Year” – Legal Advisors Abdulaziz Alajlan & Partners in association with Baker & McKenzie Limited
03/25/2022
Fines up to Dh1 million for breach of UAE's new Labour Law, warn lawyers
Luke Tapp and Ruth Stephen have been writing about this for Outlaw, commenting on the new implementing regulations that supplement the new labour laws.
03/25/2022
Eastern Caribbean Court of Appeal enforces Qatari Royal Family oral will and holds that BVI shares are movable property
The court dismissed the appeal and affirmed the decision of Justice Ellis in the BVI High Court below.
03/24/2022
FRA issues licensing controls for non-banking fintechs
This step is in line with the previously issued decisions to empower women in the boards of directors of companies subject to the authority’s oversight.
03/24/2022
Lebanese banks face off with judiciary as depositors demand accountability
Lebanon's banks have retaliated against judicial orders through strikes, account closures and denial of service to depositors.
03/23/2022
New rules to protect data in Bahrain
The orders also specify the rules and procedures governing submission of complaints relating to violations of the law
03/23/2022
Vaults unsealed at Lebanon's Fransabank after appeal accepted, Lebanese media
Last week's ruling obliged Fransabank to seal its vaults
03/23/2022
Denmark signs extradition treaty with UAE amid Dubai-based Brit tax fraud case
The government has been working for some time to get a general extradition agreement between Denmark and the United Arab Emirates.
03/23/2022
Egyptian FRA seeking to issue $400m of green bonds: CEO
On the other hand, Omran expected that the volume of securitization would double in the short term and that financing through future financial rights would increase compared to current financial rights, after some recent amendments.
03/22/2022
Germany warns Qatar about inflows of Russian wealth
German economy minister tells Qatari officials he heard the amount of Russian wealth going into Qatar was increasing.
03/22/2022
DFSA imposes $1.5m fines on two companies and two individuals for unauthorised activities
The companies, belonging to Adenium group, have been penalised for 'illegally marketed unregulated collective investment funds' and breaching other regulations
03/22/2022
Egypt’s Monetary Policy Committee increases key policy rates by 1% in extraordinary meeting
Objective of raising policy rates is to anchor inflation expectations, contain effects of supply shocks: MPC
03/21/2022
Deloitte event informs financial services leaders on financial crime
The key objective of Deloitte’s event (which was held in person) was to share the most recent developments with leaders and from there inform them how to navigate the landscape.
03/21/2022
Addition of the UAE to the FATF grey list
Countries and territories listed under sources 1 and 2 of Appendix D2 should be treated as non-compliant with FATF recommendations for the purposes of Article 17A of the Money Laundering Order.
03/21/2022
Lebanon charges central bank chief with corruption
A Lebanese judge says she has brought the first charge against Riad Salameh, whose wealth is also being probed by authorities in at least five European countries.
03/18/2022
QCB raises repo rate by 25 basis points to 1.25%
The QCB also decided to maintain the QCB deposit rate (QCBDR) at its current level of 1.00% and maintain the QCB lending rate (QCBLR) at its current level by 2.50%.
03/18/2022
Investors pay high price as judges target Lebanese banks
Ibrahim is taking legal action against the bank to recover the $35,000 he claims is owing.