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

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

Saudi Central Bank issues SR200 banknote to celebrate 5th anniversary of Vision 2030

The Central Bank stated that the new Two Hundred denomination was printed according to the latest standards in the field of banknote printing.

The Mauritius Commercial Bank Ltd (MCB) provides USD 60m funding to fuel Senegal's national electrification and LNG-use ambitions

The Powership will soon shift from the use of heavy fuel oil to gas.

UAE Central Bank fines an exchange house almost Dh500,000

The penalty related to breaching anti-money laundering and combating the financing of terrorism rules

Oman becomes fourth Gulf state to go live with VAT

The government said that it has expanded the list of good that are subject to zero per cent tax from 93 to 488 basic food commodities.

Saudi Arabia’s key role in fight against climate change

The aim of the summit is for global leaders to update each other on their progress toward the goals of the Paris Agreements on climate change mitigation ahead of the COP26 (26th UN conference of the parties) meeting in November, when the targets can be ad

Egypt offers treasury bonds worth $1.05bn

Last Saturday, Minister of Finance Mohammed Maait announced that JP Morgan decided to include Egypt in its watchlist for government bonds for emerging markets.

UAE overhauls tax penalty regime for businesses

The FTA will then have 40 working days, starting from the date of receiving the application, to issue its decision to waive or reduce administrative penalties.

Crypto payments banned in Turkey — Is this just the beginning?

Turkey’s vibrant ecosystem took a hit from the new crypto payments ban, and industry participants speak out on potential implications.

Consolidation spree in the Saudi insurance sector continues

Also, there is a study of a new law that will increase the capital requirement.

FTI Consulting launches its IGP&S practice in the Middle East

“New privacy laws are significant drivers. The pandemic, especially the increase of people working from home, is another.”

IMF calls for "strong" fiscal consolidation in Kuwait

The Gulf state's economy shrank by 8% last year

Turkish central bank holds rates, drops policy pledge under new chief

The central bank said it maintained a tight stance in the face of lofty inflation expectations

G20’s missed opportunity

Even before the pandemic, the Global South was heading for a debt crisis; but now, the situation has deteriorated dramatically.

Abu Dhabi unveils intense plan for combating commercial fraud

The Abu Dhabi Department of Economic Development will also be strengthening its efforts to protect consumers from negative and illegal practices by some establishments during seasons and events

VAT starts in Oman from April 16: What businesses need to know

Implementation of VAT framework and compliance must be a top priority for businesses

Legal, Tax, Regulation & Compliance