News developments Archives - Page 196 of 226

Saudi Arabia: Women to be Allowed to Join the Army

05/10/201911/12/2019
by Benjamin Filaferro

According to local newspaper reports, women will be allowed to join the Saudi army for the first time. The Defence Ministry has approved the change which will allow women to enlist in ranks between private soldier to sergeant. They will be able to enlist in the army, air force, navy, air defences, missile forces and medical services. It follows a move last year to allow women to join the security services including drug combat, prisons and criminal investigations.

Qatar: Draft Consumer Protection Law Approved

05/10/201911/12/2019
by Benjamin Filaferro

Qatar’s Cabinet has approved a draft Consumer Protection Law as well as a draft Decision issuing the Implementing Regulations to the Law. If approved, it will replace Qatar Law No. 8/2008. The aim is to update the legislation to ensure it takes account of developments and international best practices. The Cabinet also approved a draft Ministerial Decision issuing the Implementing Regulations to Qatar Law No. 2/2019 on supporting the competitiveness of national products and combating harmful international trade practices. It includes provisions on the organisation of the work of the committee to support competitiveness of national products provided for by law and the organisation of the procedures for filing and deciding on complaints. It also includes provisions on the conditions, controls and procedures for the investigation of harmful practices in international trade and interim and final measures and price undertakings on these practices.

Bahrain: A Crackdown on Money Laundering in the Real Estate Sector on the Way

05/10/201911/12/2019
by Benjamin Filaferro

Bahrain’s Real Estate Regulatory Authority has announced it is launching a crackdown on money laundering in the Kingdom’s real estate sector. The crackdown will be launched together with other Government bodies. The aim is to eradicate money laundering in this sector in the Kingdom. The announcement follows the publication of Bahrain Decision No. 3/2019 to mitigate money laundering risks in the real estate sector. Under the Decision, all real estate licensees have to appoint a Compliance Officer who will be responsible for ensuring compliance with Bahrain Law No. 27/2017.

UAE: New Consultation on a Draft Regulation on Loan-based Crowdfunding Platforms or CFPs

04/10/201911/12/2019
by Benjamin Filaferro

The UAE’s Central Bank has launched a consultation on a draft regulation on loan-based Crowdfunding Platforms or CFPs. The consultation ends on 10 October 2019. The aim is to establish a framework for licensing, regulating and monitoring loan-based CFPs and to set out the standards the Central Bank expects them to meet. The framework and standards are aimed at protecting the country’s financial system from the risks posed by CFPs and protect consumer interests in the country. It is also aimed at developing the FinTech sector in the UAE. If approved, it will apply to person(s) wherever they are domiciled who in engage in loan-based CFP operations in the UAE except in the Financial Free Zones. CFPs will be categorised according to their lending volume; a. Category 1 (Large), Cumulative loans facilitated in a calendar year at 5,000,000 AED or more or b. Category 2 (Small), Cumulative loans facilitated in a calendar year are below 5,000,000 AED. An applicant wishing to undertake loan-based CFP activities must apply to the Central Bank for a license and if their application is approved, they must undertake to provide a bank guarantee drawn in favour of the Central Bank and issued by a locally incorporated UAE bank of value equal to the required paid-up capital, among other things.

Bahrain: Draft Maritime Law Accompanying Bahrain Decree No. 29/2018

30/09/201911/12/2019
by Benjamin Filaferro

Bahrain’s Parliamentary Public Utilities and Environment Committee has discussed a draft maritime law accompanying Bahrain Decree No. 29/2018. The Committee also discussed its recommendations regarding the articles of a draft law amending Bahrain Decree Law No. 20/2002 on the regulation of fishing, exploitation and protection of marine wealth. The Chairman of the Committee pointed out the fishing and marine wealth law will also be amended in order to protect marine wealth and workers in the fishing sector.

Abu Dhabi: New Instant License Renewal Service Introduced by the ADGM

30/09/201911/12/2019
by Benjamin Filaferro

Abu Dhabi’s Global Market Registration Authority has announced it has introduced a new instant license renewal service. The service will allow registered entities to complete license renewals via the Online Registry Solution, once a renewal form is submitted. Companies will also be able to continue to use the platform to lodge their other annual filing requirements in line with the Companies Regulations 2015. The aim is to improve business efficiency and make it easier to do business in the Centre.

The Qatar Financial Centre Issues new Rules to Regulate FinTech Service Providers

30/09/201911/12/2019
by Benjamin Filaferro

The Qatar Financial Centre has announced it has issued new rules and guidance to regulate FinTech service providers in the country. Under the new rules and guidance, non-regulated professional service firm activities have been expanded to cover FinTech Services Provider activities. This will include activities like providing cybersecurity solutions, application programming interfaces cloud computing, developing blockchain-based technologies, Artificial Intelligence and companies who provide a platform for facilitating real-time transaction capability of internet connected devices. It comes as Qatar looks to develop its FinTech environment and is part of the Centre’s FinTech strategy.

Bahrain: Meeting of the Parliamentary Committee Investigating non-Bahrainisation of Jobs

23/09/201911/12/2019
by Benjamin Filaferro

In common with other GCC states, Bahrainisation efforts have been under scrutiny as a parliamentary committee which has been put in charge of investigating non-Bahrainisation of jobs in the public and private sector held a meeting. The issue was raised after it was found the Ministry of Information had 70% of Bahraini staff with temporary contracts. There was a pledge to take action after there had been issues as a result of a number of national employees opting for the Voluntary Retirement Programme. The committee asked that the Ministry include Bahrainisation rates as a contract term when signing agreements with private companies and take this matter into consideration when awarding tenders.

Qatar: New Anti-Money Laundering and Terrorism Financing Law Issued

23/09/201911/12/2019
by Benjamin Filaferro

The Emir of Qatar has issued Qatar Law No. 20/2019 on Anti-Money Laundering and Terrorism Financing, replacing Qatar Law No. 4/2010. The law is to be implemented from the day following its publication in the Official Gazette. The Qatari Central Bank has said the new law complies with recommendations from the Financial Action Task Force (FATF) by setting binding legal requirements for businesses and the financial sector on combatting money laundering and terrorist financing, including non-profit organisations and money transfer services. Those who violate the law will face fines and imprisonment. The law requires the “widest possible cooperation and exchange of financial information” with foreign counterparts. Qatar has already signed a relevant memorandum of understanding with the United States.

Kuwait: Controls to be Tightened over Markets and Ban Imports of Somali Coal

23/09/201911/12/2019
by Benjamin Filaferro

Kuwait’s Ministry of Commerce and Industry has brought to the attention of relevant officials to tighten control over markets and ban imports of Somali coal. The moves is as a result of fearsmoney earned from coal export in Somali may be indirectly used in financing terrorist activities. The ministry had received a letter from the United Nations on this subject. The steps have been taken as part of the United Nation’s work to remove financial resources which support crime.