LexisNexis Middle East

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

05/10/202105/10/2021
by Benjamin Filaferro

The UAE’s Central Bank has issued new guidance on anti-money laundering and terrorist financing for its licensed financial institutions who provide services to cash-intensive businesses.

It came into force on 28 September and requires Licensed Financial Institutions to demonstrate compliance with its requirements within one month of the 28 September. It is aimed at helping these entities understand and effectively implement their statutory obligations in this area.

Entities providing services to cash intensive businesses must take a risk-based approach in their anti-money laundering programmes by assessing all customers to determine their degree of risk. Licensed Financial Institutions also have to perform appropriate customer due diligence which consists of customer and beneficial owners identification, understanding the customer’s business and monitor the business relationship on an ongoing basis.

Licensed Financial Institutions should also obtain appropriate information regarding the source of cash deposited in a customer’s account as well as mandate the use of Emirates ID for cash deposits in ATMs.

In addition, they should maintain transaction monitoring systems equipped to identify patterns of activity which appear unusual and potentially suspicious and report any behaviour they reasonably suspect may be linked to money laundering, terrorist financing or other criminal offence by submitting suspicious activity/transaction reports directly to the UAE’s Financial Intelligence Unit via the goAML portal. Also reported in Alroeya on 3 October 2021. For full story, click here.

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News developments

Saudi Arabia: Attorney General Launches New Prosecution Categories

03/10/202103/10/2021
by Benjamin Filaferro

Saudi Gazette, 30 September 2021: Saudi Arabia’s Attorney General has confirmed a number of new prosecution areas that have been added for the first time to the existing public prosecution system.

The Public Prosecution Council has approved these prosecutions that include the Cassation Prosecution, the Appeals Prosecution, and the Ethics Prosecution.

The new names of the branches and departments of the Public Prosecution after their renaming have been announced.

They include Traffic Prosecution, Environment Prosecution, Trafficking in Persons Prosecution, Cybercrimes Prosecution, Public Ethics Prosecution, Funds Prosecution, Family and Juvenile Prosecution, Drugs Prosecution, Economic Crimes Prosecution, Crimes Against Public Trust Prosecution, National Security Prosecution, Assault on Persons Prosecution, International Cooperation Prosecution, Public Prosecution, Prison Oversight Prosecution, and Inspection Prosecution.

To read more, click here.

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News developments

Qatar: Draft Amendment to Anti-Money Laundering Law Approved

03/10/202103/10/2021
by Benjamin Filaferro

The Peninsula, 30 September 2021: The Qatari Cabinet has met with the Prime Minister and Minister of Interior and given its approval to a draft law which amends some provisions of the Anti-Money Laundering and Terrorist Financing Law Qatar Law No. 20/2019.

It has also approved a draft Cabinet decision which will amend some provisions of the executive regulations of the Anti-Money Laundering and Terrorist Financing Law, issued by Cabinet Resolution No. 41/2019.

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News developments

Dubai: Special Judicial Department Established to Consider Money Laundering Cases

03/10/202103/10/2021
by Benjamin Filaferro

Alabayan, 21 September 2021: The Chief of the Court of Appeal has revealed that a special judicial department has been established to consider the cases involving money laundering.

The new department consists of three judges and will work once a week according to the chief. The chief has said that the establishment of the department came as part of the national strategy for combating money laundering crimes. He has added it will enable related cases to be considered efficiently and quickly. The aim is to achieve judicial excellence and enhance integrity and transparency in economic activities.

For full story see: https://www.albayan.ae/uae/news/2021-09-29-1.4257428

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News developments

Saudi Arabia: Ministry of Justice digitises 50m title deeds

30/09/202130/09/2021
by Benjamin Filaferro

Arab News, 29 September 2021: The Saudi Ministry of Justice has digitised more than 50 million title deeds as part of the Real Estate Wealth Digitisation Initiative.

The service was launched as part of the ministry’s National Transformation Program 2020 initiatives. It is hoped the digitisation project will enhance property services and simplify property management procedures through the availability of central digitisation facilities. The digitisation process starts at the courts and notary public offices where documents are accounted for and compiled. The data is then entered and audited. Later documents are processed for transfer to the central digitisation facility for processes including restoration, photography, archiving, auditing and quality review.

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News developments

Saudi Arabia: Consultation on Proposed Amendments to Implementing Regulations to VAT Law Launched

29/09/202129/09/2021
by Benjamin Filaferro

Al Madina, 27 September 2021: Saudi Arabia’s General Authority of Zakat and Tax has announced it has launched a consultation on proposed amendments to the Implementing Regulations to the VAT Law.

If approved, taxpayers will be able to assign a third party to issue tax bills on their behalf.

Taxpayers should also issue a tax bill for goods supplies and services they provide to another person or to a legal one.

In addition, the tax bill should be issued according to the date of supply.

For full story, click here.

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News developments

Dubai: Region’s First Smart Court to be Launched

28/09/202128/09/2021
by Benjamin Filaferro

Alroeya, 26 September 2021: The Jebel Ali Free Zone and Dubai Courts have announced they have launched the region’s first smart court.

It will consider the cases related to labour disputes for companies registered in the Free Zone.

The parties to a dispute will be able to attend a virtual court which will be connected with the Dubai Courts.

The smart court will create an environment similar to the classical courts with more integrated services. Almost 8,500 companies from 140 countries will benefit from the court’s services.

The aim of launching the smart court is to create a flexible judicial environment which will protect employee’s rights in the free zone and help improve judicial proceedings.

For full story, click here.

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News developments

Turkey: Paris Climate Agreement to be Submitted to Parliament Next Month

26/09/202126/09/2021
by Benjamin Filaferro

Hurriyet Daily News, 22 September 2021: Turkey’s President has announced the Government will submit the Paris Climate Agreement to Parliament next month.

The Government want to ratify the Agreement before the UN Climate Change Conference in Glasgow in November.

Turkey signed the Agreement in April 2016. However, they have been lobbying to be classed as a developing rather than developed country.

This would mean they wouldn’t have to cut their emissions as dramatically.

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News developments

Ummal Quwain: Foreign Freehold Real Estate Ownership Decision Issued

26/09/202126/09/2021
by Benjamin Filaferro

Ummal Quwain’s Ruler has issued Ummal Quwain Decision No. 4/2021 on foreign freehold real estate ownership in the Emirate.

Under the Decision, foreigners, limited liability companies partially owned by foreigners, free zone companies and offshore companies will be able to own freehold real estate ownership.

Any legislation which contradicts or contravenes it will be repealed.

It also states specific freehold ownership zones will be determined under a Decision from the Ruler and taking real estate development, freehold real estate ownership for foreigners or any other relevant considerations into account.

It will be published in the Official Gazette and come into force on its issued date.

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News developments

Egypt: Opening Hours Amended for Cafes and Restaurants

26/09/202126/09/2021
by Benjamin Filaferro

Egypt Independent, 19 September 2021: Egypt’s Local Development Ministry has announced opening hours for shops, cafes and restaurants have been amended.

They were amended following a Decision from the Supreme Committee for Shop Licensing Public Shops.

The amended opening hours will come into force on 30 September 2021.

All, shops, cafes and restaurants which aren’t specified in Article 3 of the Decision will be allowed to open at 7am and will have to close at 10pm.

On Thursdays, Fridays and holidays during winter they will be able to close at 11pm.

Restaurants, cafés and bazaars, including those in malls, will be allowed to open from 5am and will have to close at 12am.

Takeaway and delivery service for restaurants and cafés will be able to operate at 24 hours a day.

Workshops and craft shops in residential blocks will be open at 8am and close at 6pm. Workshops on roads and gas stations as well as workshops associated with urgent services for citizens will not be included.

A separate decision will be issued by the Chairman of the Supreme Committee for Licensing Public Shops for these entities.

Shops in coastal and tourist governorates may be modified by a decision of the Chairman of the Supreme Committee for Licensing Public Shops following a proposal from the relevant governor or the head of the New Urban Communities Authority after it is presented to the Higher Committee for Licensing Public Shops together with the Tourism and Antiquities Minister.

Grocery stores, supermarkets and bakeries will be exempt from these requirements. The night activities of some shops selling fruit and vegetables, poultry, wholesale markets and pharmacies will have to be taken into account.

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