News developments Archives - Page 34 of 223

Abu Dhabi: ADGM Imposing Financial Penalty for AML Control Failure

10/01/202510/01/2025
by Hannah Gutang

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) imposed a USD 504,000 penalty on a company for deficiencies in its anti-money laundering (AML) systems and controls.

Analysis

The FSRA’s investigation into a company revealed significant compliance lapses in its AML systems, despite no actual instances of money laundering being identified. The investigation highlighted critical issues, including inadequate risk assessments, insufficient customer due diligence, and lack of effective monitoring systems.

Penalty and Cooperation:

As a result of these findings, the FSRA imposed a financial penalty of USD 504,000 on ACL. However, due to the company’s full cooperation with the investigation and proactive steps taken to address the identified issues, the company qualified for a 20% discount on the penalty.

For the final notice issued under Section 251 of the Financial Services and Markets Regulations 2015, click here.

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Oman: New Penal Code Amendments Bring Flexibility to Court Sentencing

08/01/202508/01/2025
by Hannah Gutang

The Arabian Stories, 7 January 2025: In a significant move towards judicial reform, a new Royal Decree in Oman has granted courts the power to suspend certain sentences, offering a more nuanced approach to justice.

Under Oman Sultani Decree No. 11/2025, courts can now stop the execution of fines or imprisonment sentences of less than three years, provided the convict’s character, history, age, or the crime’s context suggest a low risk of reoffending.

This progressive measure, however, excludes crimes related to state security, the state’s prestige, or terrorism and its financing.

The decree also permits the suspension of penal effects and additional penalties, except for confiscation, contingent upon the convict having a known place of residence.

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LexisNexis Middle East Partners with SCCA for RIDW 2025

07/01/202507/01/2025
by Hannah Gutang

LexisNexis Middle East is set to play a pivotal role as the Legal Media Partner for the upcoming Riyadh International Disputes Week 2025, hosted by the Saudi Center for Commercial Arbitration (SCCA). Scheduled for February 26, 2025, this landmark event will spotlight the SCCA’s 4th International Conference and Exhibition, known as SCCA25, under the theme “Arbitration and the Law as Pillars of Transformation.”

The conference promises a robust agenda with four dynamic panel discussions covering seven subtopics, delivered by a distinguished lineup of 30 expert speakers. With an anticipated attendance of 1,250 participants from both local and international spheres, the event is poised to be a hub for fostering significant connections and collaborations among professionals committed to the advancement of alternative dispute resolution (ADR).

This year’s event is particularly significant as it aims to address the evolving challenges and opportunities within the field of arbitration and law, providing a platform for thought leaders to share insights and strategies. Attendees will have the chance to engage with cutting-edge topics and network with peers who are at the forefront of legal innovation.

This is a unique opportunity for legal professionals to influence the future landscape of arbitration and law. Interested participants are encouraged to register at https://ridw.org/event/scca-4th-international-conference-and-exhibition.

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UAE: Mandatory Health Insurance, Starting 1 January 2025

19/12/202419/12/2024
by Hannah Gutang

Khaleej Times, 17 December 2024: Starting 1 January 2025, employers in the Northern Emirates, including Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah, and Fujairah, will be mandated to provide health insurance for their employees as a condition for issuing or renewing residency permits.

This move aligns with similar policies already in place in Abu Dhabi and Dubai.

Although the Human Resources and Emiratisation Ministry has not explicitly stated it, industry experts anticipate that the mandatory insurance scheme will eventually extend to employees’ family members.

This would require employees to secure health insurance for their dependents, similar to the existing requirements in Dubai and Abu Dhabi.

The basic health insurance package, starting at Dh320 per year, is designed to be affordable and accessible. It covers individuals aged one to 64, with no waiting period for those with chronic illnesses.

The plan includes a 20% co-payment for inpatient care, with a maximum of Dh500 per visit and an annual cap of Dh1,000.

Outpatient care requires a 25% co-payment, capped at Dh100 per visit, with no co-payment for follow-up visits within seven days. Medication co-payments are capped at 30%, with an annual limit of Dh1,500.

Industry leaders highlight the affordability and competitiveness of the Dh320 package, emphasising its role in expanding healthcare access and aligning with the UAE’s goal of universal health insurance coverage.

However, they advise sponsors to evaluate whether the basic plan meets their family’s comprehensive healthcare needs.

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Qatar: To Implement 12-Digit Harmonised Customs Code by 2025

19/12/202419/12/2024
by Hannah Gutang

Qatar announced a shift to a 12-digit harmonised customs code, effective January 1, 2025, aligning with GCC countries to enhance international trade and customs processes.

Analysis

The Head of the Tariff and Origin Section at Qatar’s Customs Policies and Procedures Department revealed that the country would transition to a 12-digit harmonised customs code from the current 8-digit system, starting January 1, 2025. This change will be implemented across all Gulf Cooperation Council (GCC) countries.

Qatar initially adopted the harmonised customs code in 1995 and became an official member of the Harmonised System Convention in 2004.

Managed by the World Customs Organisation (WCO), the harmonised system is updated every five years and serves as the foundation for goods classification systems used worldwide.

For the full story, click here.

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Oman: Labour Ministry Launches National Framework to Boost Workforce Efficiency

19/12/202419/12/2024
by Hannah Gutang

The Arabian Stories, 11 December 2024: Oman’s Labour Ministry has launched the National Framework for Job Competencies and the Human Resources Management Matrix.

The initiative is aimed at enhancing the capabilities of the government’s administrative system.

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Kuwait: Introduces Comprehensive Foreign Residency Law

19/12/202419/12/2024
by Hannah Gutang

Arab Times, 12 December 2024: A senior official from the Kuwaiti Interior Ministry has announced the introduction of a new foreign residency law designed to align with current developments and address longstanding gaps.

The previous law, in place for over six decades, had seen only minimal changes.

The new law aims to rectify shortcomings in the older legislation while ensuring justice for expatriate workers and cracking down on residency traders through stricter penalties.

The law establishes clear guidelines for the rights and obligations of both workers and employers.

Set to be implemented within six months of its publication in the Official Gazette, the new residency law comprises 36 articles across seven chapters, incorporating significant amendments to benefit both citizens and residents.

Kuwait has taken steps to comply with international standards, particularly regarding human trafficking, by introducing provisions that reflect global laws and practices.

A key feature of the new law is the extension of residency durations for certain categories.

For instance, children of Kuwaiti women are granted a 10-year residency with the option of renewal, exempting them from fees unless they acquire Kuwaiti citizenship.

Additionally, the law allows foreigners to obtain regular residency in Kuwait for up to five years and includes incentives for foreign investors, such as granting real estate owners a ten-year residency.

Investors are eligible for a 15-year residency to encourage economic activity, while the family visit visa duration has been extended to three months.

The law outlines fees related to residency permits, renewals, and all types of entry visas, subject to decisions by the ] Interior Ministry.

A committee has been formed to ensure these fees align with residents’ incomes and services provided.

Concerns were expressed over disparities in visa fees between Kuwait and other countries, highlighting that Kuwaiti citizens pay significant amounts to enter certain countries while citizens of those nations pay nothing to enter Kuwait.

Severe penalties are imposed on those who exploit residency regulations, including trading in visas or employing foreigners unlawfully.

The law prohibits employers or recruiters from misusing visas, delaying payments without justification, or employing workers for purposes other than those specified in their contracts.

Foreigners are also prohibited from working for others without the appropriate permissions.

Shelter or employment of individuals without valid residency is strictly forbidden.

Violators, including companies facilitating illegal recruitment, face harsh penalties.

Companies found guilty of human trafficking or misusing foreign labor may lose their licenses, and responsible officials could face imprisonment and fines, with penalties doubling for public employees or repeat offenders.

The law also penalises individuals who obtain work permits in exchange for money or other benefits.

The Interior Ministry retains the authority to deport foreigners, even those with valid residency permits, if they lack a legitimate source of income, violate the terms of their residency, or pose a threat to public interest, security, or morals.

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Dubai: New Guidelines for Attorney Fee Assessment at Rental Dispute Centre

19/12/202419/12/2024
by Hannah Gutang

In a significant development for the legal community, Dubai Decision No. 6/2024 has been issued by the Rental Dispute Settlement Centre, effective from 14 November 2024.

This decision outlines the procedures for handling requests and claims related to attorney fees.

The decision comes after a thorough review of several federal decrees, including the Federal Decree-Law No. 34/2022, which regulates the professions of law and legal consultancy, and the Federal Decree-Law No. 42/2022, which pertains to civil procedures.

Additionally, it considers Dubai Decree No. 26/2013 and Dubai Decree No. 28/2023, which address the establishment and leadership of the Rental Dispute Settlement Centre in Dubai.

Under the new decision, the Centre is designated as the competent authority to consider all requests and claims regarding attorney fees within its jurisdiction.

The decision specifies two distinct procedures based on the existence of a contract between the attorney and the client.

If a contract is present, the fee request will be processed through an order on a petition.

In the absence of such a contract, the request will be handled as a substantive lawsuit.

This decision aims to streamline the process of fee assessment and ensure the proper administration of justice, reflecting the Centre’s commitment to addressing the needs of both legal professionals and their clients.

The legal community is advised to take note of these changes and adjust their practices accordingly.

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Bahrain: Bahrain Bourse Updates the Listing Rules

19/12/202419/12/2024
by Hannah Gutang

Bahrain Bourse announced the publication of its updated Listing Rules and Guidelines, which would be effective immediately in alignment with the Central Bank of Bahrain’s (CBB) ESG requirements.

Analysis

The revised Listing Rules and Guidelines incorporate new disclosure requirements related to Environmental, Social, and Governance (ESG) standards, as mandated by the CBB’s ‘Common Volume ESG Module’. These rules apply to all securities listed on the Mainboard Market and future listings on Bahrain Bourse.

The new ESG disclosure requirements aim to standardise reporting among issuers, requiring them to establish their own ESG reporting framework in line with BHB and CBB guidelines. Issuers must submit their ESG reports within six months after the end of their financial year, either as a stand-alone report or as part of the company’s annual report.

The CBB’s ‘Common Volume ESG Module’ is applicable to all listed companies for the reporting period ending December 2024. From the end of 2024, these reporting requirements will be applied comprehensively to listed companies and CBB licensees. The module also addresses ESG-related risks in alignment with Bahrain’s Economic Vision 2030, the UN Sustainable Development Goals (SDGs), and the “Blueprint Bahrain” national action plan announced during the COP28 conference in the UAE.

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ADGM: Announces Plans for Establishment of Insurance Association

19/12/202419/12/2024
by Hannah Gutang

ADGM has announced the upcoming establishment of the Insurance Association within its jurisdiction, marking a significant step forward for the insurance and reinsurance sectors in ADGM and the UAE.

This initiative aims to create a unified platform to support industry growth and innovation.

The Association will foster collaboration among key stakeholders, enhance professional standards, and promote best practices within the insurance industry.

It will act as a collective voice, engaging with regulators, policymakers, and industry leaders to address emerging challenges and opportunities, aligning with ADGM’s mandate and the UAE’s economic and financial development goals.

This initiative highlights ADGM’s commitment to building a robust, sustainable, and globally competitive insurance ecosystem, reinforcing its status as a leading financial centre.

Further details on the Association’s structure, membership opportunities, and upcoming activities will be announced soon.

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