UAE: Draft Emirates Council for Sharia Fatwa Law Approved

Al Bayan, 31 January 2024: The UAE’s Federal National Council has approved a draft federal law regarding the Emirates Council for Sharia Fatwa.

It will organise the Emirates Council for Sharia Fatwa and grant it the necessary capabilities to organise fatwa affairs and consolidate the status of the fatwa in line with the national identity of the state locally and globally.

The draft law specifies various penalties which will be imposed on offenders.

These include a fine of between 10,000 AED and 200,000 AED for anyone who issues a general legal fatwa in the country on any of the issues and topics that concern the Council.

In addition, the facility may be closed and the website blocked.

The Court may also order the closure of the violating facility or institution or block the platform or website that published the fatwa in violation of the provisions of the law or the decisions issued to implement it.

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UAE: Financial Action Task Force to Remove UAE From Watchlist

According to a specialist media outlet, the Financial Action Task Force is going to remove the UAE from its watchlist “within days”.

It will officially be removed from the grey list next month.

No further details were publicly available.

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Umm AlQuwain: Law on Reorganisation of Ummal Quwain Chamber of Commerce and Industry Issued

Al Bayan, 19 January 2024: Ummal Quwain’s Ruler has issued Ummal Quwain Law No. 1/2024 on the reorganisation of the Ummal Quwain Chamber of Commerce and Industry.

Ummal Quwain Law No. 1/2007 regarding the Ummal Quwain Chamber of Commerce and Industry Law (as amended) will be repealed.

Any other legislation that conflicts with the Law will also be repealed.

The Law will be published in the Official Gazette and come into force on its publication date.

All relevant parties will be responsible for implementing it.

The Law has been issued to develop and consolidate the Emirate’s economic position.

It has also been issued to support the directions and vision of the Emirate by developing industries, developing new and promising sectors and attracting diverse investments, in a way that serves the economic environment in the Emirate.

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UAE: Federal Law on Regulating Private and Public Sector Relations Issued

Al Watan, 19 January 2024: The UAE’s Finance Ministry has announced it has issued Federal Law No. 12/2023, regulating partnerships between the federal public and private sectors.

It came into force on 1 December 2023.

It aims to regulate the partnership between the federal public sector and the private sector in the country and encourage the private sector to participate in development and strategic projects.

It also aims to increase investment in projects of economic, social and service value implemented by the federal public sector and enable the government to implement its strategic projects efficiently and effectively.

In addition, it aims to enable them to benefit from the financial, administrative, organisational, technical and technological capabilities and expertise available in the private sector.

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UAE: Income Tax Suggestion Rejected

Oman Daily Observer, 24 January 2024: The Undersecretary to the UAE’s Finance Ministry has rejected suggestions that an income tax is going to be introduced.

The individual said individuals in the country won’t be taxed on their income any time soon.

They made the announcement during a meeting of the Undersecretaries of Finance Ministries in Arab countries.

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UAE: Cyber Security Council Issues Cryptocurrencies and Digital Assets Fraud Warning

The UAE Government’s Cyber Security Council has warned of the dangers of fraud in cryptocurrencies.

The Council said they constitute a cross-border threat that requires dealers to be vigilant.

They added the risks of these fraudulent activities extend beyond financial loss.

They also put personal privacy at risk and threaten the fundamental trust on which the cryptocurrency market depends.

They went on to say data and studies recently released highlight these risks and the regulatory measures being taken in light of growing concerns about fraud in digital currencies and the consequences.

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UAE: International Humanitarian Affairs Council Established

Al Bayan, 4 January 2024: The UAE’s President has issued Federal Decree No. 202/2023 establishing an International Humanitarian Affairs Council.

It will report to the Chief of the Presidential Office and will be responsible for supervising all issues and matters related to international humanitarian affairs.

It will be chaired by the Head of the Office of Development Affairs and Families of Martyrs in the Presidential Office, His Highness Sheikh Theyab bin Mohammed bin Zayed Al Nahyan,

Among other things the Council will be responsible for preparing and reviewing the general policy for international humanitarian affairs, general supervision of the international humanitarian affairs system, following up on the preparation and implementation of relevant plans, initiatives and projects, developing a future vision for international humanitarian affairs, determining general frameworks for its implementation by the relevant authorities and preparing the budget.

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