Benjamin Filaferro, Author at LexisNexis Middle East

UAE: New Working Permits to be Issued with Golden Residency Holders

04/07/202104/07/2021
by Benjamin Filaferro

Alroeya, 1 July 2021: The UAE’s Human Resources and Emiratisation Ministry has announced it will issue working permits to golden residency holders.

The new work permit covers three categories.

These are unemployed people, people who want to renew their existing working permit and people who want to work for a different employer.

It has been issued as part of a Cabinet Decision which allowed work permits to be issued to Golden Residency holders.

The same rules and procedures related to the issuing of work permits and contracts apply to dependents registered on their parents’ residency, if they are applying for work and are Golden Visa holders.

Work permits and contracts concluded between employers and workers who receive the Golden Residency will remain valid, and subject to all applicable UAE legislations.

Prescribed fees and applicable fees for work permits for those outside the country, as well as fees for renewing and amending work permits and contracts, will also apply to Golden Residency holders.

For full story, click here.

Additional reporting from the Emirates News Agency on 1 July 2021.

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News developments

Saudi Arabia: Health Insurance Risk Pool Regulations Issued

04/07/202112/07/2021
by Benjamin Filaferro

Saudi Gazette, 30 June 2021: Saudi Arabia’s Central Bank has issued health insurance risk pool regulations.

They will regulate the formation and management of health insurance risk pools through brokers.

They are aimed at providing access to suitable insurance coverage at low prices as well.

In addition, they are aimed at preserving the rights of insurance parties and respond to evolving client needs by establishing a regulatory framework for the risk pooling.

Finally, they are aimed at regulating the relationship between employers, brokers and insurers.

Also reported in Al Riyadh on 30 June 2021. For full story see https://www.alriyadh.com/1893743.

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News developments

Sharjah: Human Resources Law for Civilians Approved

01/07/202104/07/2021
by Benjamin Filaferro

Sharjah’s Ruler has issued Sharjah Law No. 3/2021 on human resources for civilians in statutory bodies in the Emirate.

Among other things, there are provisions on human resources affairs for civilians in terms of filling jobs, appointments and conditions, training, promotions and their mechanisms and job duties and prohibitions.

It will apply to the Sharjah Police General Command, Sharjah Police Science Academy, The General Directorate of Civil Defence and any other entity added to this list of entities by an Executive Council Decision.

It will apply to the civil servants of the statutory body in line with the budget allocated to them by the Government. Non-citizen employees of the statutory body will be subject to the contracts concluded with them in line with the approved forms and the provisions which apply to them in this law and regulation.

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News developments

UAE: Guidance on Anti-money Laundering and Terrorist Financing Issued

01/07/202101/07/2021
by Benjamin Filaferro

The UAE’s Central Bank has issued guidance on anti-money laundering and terrorist financing for its Licensed Financial Institutions who provide services to the real estate, precious metals and stones sectors. It came into force on 20 June.

It will help understand and mitigate risks as well as ensure Licensed Financial Institutions fulfil their statutory obligations under Federal Decree-Law No. 20/2018 and Cabinet Decision No. 10/2019.

They should take the standards issued by the Financial Action Task Force into account as well.

Under the guidance, Licensed Financial Institutions have to perform appropriate customer due diligence in all customer dealings and report any behaviour they reasonably suspect may be linked to money laundering, terrorist financing or a criminal offence by submitting suspicious activity reports to the UAE’s Financial Intelligence Unit directly. They should do so through the goAM portal.

They should assess the associated money laundering and terrorist financing risks and develop an effective programme which encompasses a competent compliance officer and provide training for their employees on these risks.

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News developments

Qatar Financial Centre Regulatory Authority Launches Consultation on Proposed Amendments to Prudential Framework for Conventional QFC Authorised Banks

29/06/202129/06/2021
by Benjamin Filaferro

The Qatar Financial Centre’s Regulatory Authority has launched a consultation on proposed Banking Business Prudential (Credit Risk and Related Matters) Amendments Rules 2021. It ends on 31 December this year.

The aim is to assess the impact of these proposals on conventional QFC authorised banks.

The prudential banking framework which applies to banks is largely based on the international framework for banks developed by the Basel Committee on Banking Supervision.

The amendments are being proposed to the Banking Business Prudential Rules 2014.

They include updated Rules taking account of the revised BCBS standardised approach for credit risk as well as new rule requirements related to the credit risk management framework.

They also include new rules taking account of the BCBS prudential treatment for equity investment in funds and new rules for categorising problem assets and provisioning.

In addition, they include new rules for the classification of items between the banking and trading books and updated rules related to the large exposures framework.

As the Islamic Financial Services Board has not finalised its work to update the credit risk capital requirement for Islamic banks, the Regulatory Authority is proposing to defer updating the credit risk framework in the Islamic Banking Business Prudential Rules 2015 until the standards are finalised and published.

After the consultation has ended, the Regulatory Authority will test the prudential returns with QFC banks over the reporting period from January 2022 to June 2022. The updated final BANK Rule would come into force on 1 January 2023.

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News developments

Egypt: VAT Law Amended

27/06/202127/06/2021
by Benjamin Filaferro

Mubasher, 23 June 2021: Egypt’s Cabinet has approved amendments to the country’s VAT Law.

Under the amendments to Egypt Law No. 67/2016, the services provided by the Suez Canal Authority to ships passing through the Canal will be added to the list of goods and services which are exempt from VAT. For full story, click here.

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News developments

Saudi Arabia: Early Retirement Scheme Suspended

27/06/202127/06/2021
by Benjamin Filaferro

Al Madina, 22 June 2021: Government institutions have been instructed to suspend the early retirement scheme for employees with an employment period of less than 25 years.

The new instructions were issued in line with a Cabinet Decision to merge the retirement institution with the General Organisation for Social Insurance.

A Cabinet Decision to introduce a united retirement scheme will be issued soon. For full story click here.

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News developments

Oman: Residency to be Given to Foreign Investors

27/06/202127/06/2021
by Benjamin Filaferro

Gulf Times, 23 June 2021: Oman’s Trade Ministry has announced residency visas will be offered to foreign investors.

They will be valid for between five and ten years.

It will be aimed at investors in the industry, tourism, mining, logistics, agriculture, fisheries, education, health and information technology sectors, as well as those investing in the green and circular economy.

It is part of an economic stimulus plan and comes into force in September this year.

Additional reporting from Oman News Agency on 23 June 2021.

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News developments

Abu Dhabi: Global Market Launches Public Consultation on Use of eKYC

24/06/202124/06/2021
by Benjamin Filaferro

The Financial Services Regulatory Authority of Abu Dhabi’s Global Market has announced it has launched a public consultation on amendments to its regulatory framework to help facilitate the use of non-face-to-face digital verification of identity in the Global Market and mitigate any associated risks.

The proposed amendments will affect all entities required to undertake customer due diligence in the Global Market, including financial services firms authorised and regulated by the Financial Services Regulatory Authority, Designated Non-Financial Businesses and Professions and Non-Profit Organisations.

All entities carrying out customer due diligence will be urged to consider the matters raised in the consultation. The proposed amendments will also effect on-boarding customers with more than one nationality.

The proposed amendments are a response to the increase in the adoption of eKYC to on-board customers in the Global Market.

They are in line with a general trend towards digitalisation of the customer experience across a range of sectors, which has only been accelerated by the global pandemic.

They build on the Joint Guidance on the treatment of financial crime risks and obligations in the UAE in the context of the Covid-19 crisis which was published together with other regulators last year.

The proposed amendments build and elaborate on the principles contained in the Joint Guidance, as well as those in related guidance published by the Financial Action Task Force.

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News developments

Abu Dhabi: Small Claims Court to be Established

23/06/202124/06/2021
by Benjamin Filaferro

Al Bayan, 20 June 2021: A new Small Claims Court is going to be established in the Emirate.

It is aimed at enabling relevant disputes to be settled quicker.

It is also aimed at protecting the rights of all parties to a dispute.

The court will be able to settle civil, commercial and labour disputes and claims for less than 500,000 AED.

Its final decision will be issued in one session.

Cases will be heard within 15 days of being registered.

For full story see https://www.albayan.ae/uae/news/2021-06-20-1.4190592.

Also reported in Gulf News (United Arab Emirates) on 20 June 2021.

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