UAE Archives - Page 67 of 96 - LexisNexis Middle East

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

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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News developments

Dubai: Arabtec Trustees Appointed

21/06/202121/06/2021
by Benjamin Filaferro

Gulf News (United Arab Emirates), 21 June 2021: Dubai’s Court of First Instance has appointed trustees for each of the Arabtec Group companies facing liquidation.

They have accepted the petition to open bankruptcy proceedings for Arabtec Holding and its subsidiaries including Arabtec Construction LLC, Austrian Arabian Readymix Concrete Co, Arabtec Precast,. Arabtec Constructions LLC, Emirates Falcon Electromechanical Co.; and another entity under the same title and Emirates Falcon Electromechanical Co.

They will review the accumulated debts and create a record of all creditors.

Each trustee overseeing an Arabtec Group entity facing liquidation has to submit a request to the court on the contractual and legal interests.

They have to prepare an initial separate report on the assets of each entity and its rights with third-parties. They must also list all managers and members of the board of directors and shareholders for the two years preceding the bankruptcy application. In addition, they have to submit their opinion on the management and the preservation of the company’s assets.

The Court have also stated all procedures in Federal Decree-Law No. 9/2016 (the Bankruptcy Law) must be completed within 35 days from the date of the trustee appointment notification.

Initial reports from the trustees have to be handed in within two weeks.

The announcement paves the way for the liquidation of the UAE’s biggest construction company and will also be the benchmark for future proceedings under the country’s recently amended Bankruptcy Law.

In addition, the Court has stayed all judicial procedures and execution procedures on the companies’ assets until a restructuring plan is approved or for 10 months from the date of the decision to open the bankruptcy proceedings.

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News developments

UAE: Genomics Council to be Established

16/06/202116/06/2021
by Benjamin Filaferro

The UAE’s Vice President and Prime Minister and Dubai Ruler has approved the establishment of a UAE Genomics Council.

It is being established to help the country provide a world-class healthcare system.

It will be led by the Chairman of the Abu Dhabi Executive Office.

It will regulate, oversee and guide the implementation of the Emirati Genome Programme in the country’s healthcare system.

It is being established to help the UAE carry out therapeutic and preventative programmes to help reduce the prevalence of genetic disorders, disabilities and mortality rates.

It will also oversee the execution of Government genomic programmes and propose legislation to govern the field together with health regulators across the country.

In addition, it will regulate data acquisition and storage and establish a system for issuing ethics and consent approvals for all genomics programmes.

It will support technology start-ups and companies and build partnerships with world-leading technology firms to drive cutting-edge genomics research as well and support new innovative therapies for rare and chronic diseases and develop technical training and graduate programmes and knowledge incubators to build the next generation of omics professionals.

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News developments

Dubai: Government Regulations Must be Cut by 30%

13/06/202113/06/2021
by Benjamin Filaferro

Gulf News (United Arab Emirates), 9 June 2021: Dubai’s Crown Prince and Executive Council Chairman has issued instructions for Government regulations to be cut by 30% by September.

The aim is to make it easier to do business in the Emirate.

The instructions have been issued in line with the UAE’s Vice- President and Prime Minister and Dubai Ruler’s goal to support the private sector in the Emirate by simplifying procedures to boost the Emirate’s competitiveness and increase its attractiveness to investors.

They also want to enable businesses to grow in the Emirate.

Also reported in Emaratalyoum on 9 June 2021. For full story see https://www.emaratalyoum.com/local-section/other/2021-06-09-1.1499948.

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News developments

UAE: Central Bank Introduces Whistleblowing Portal

08/06/202108/06/2021
by Benjamin Filaferro

The UAE’s Central Bank has announced it has launched a new whistleblowing portal to allow internal and external stakeholders to anonymously raise any concerns related to misconduct or policy violations by Central Bank employees, contractors and representatives.

It will allow employees and external stakeholders, like financial institutions, vendors and the public, to voice their concerns around misconduct without fear of reprisal.

It also allows comprehensive information around a relevant concern to be shared. This will include the attachment of files and documents in support of a particular claim.

It has been introduced as part of the Bank’s implementation of its Code of Conduct.

It aims to address alleged illegal and unethical practices by taking the necessary action in a timely way.

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News developments

Dubai: Utico to Issue Region’s First Utilities Sustainability Sukuk

07/06/202107/06/2021
by Benjamin Filaferro

Oman Daily Observer, 3 June 2021: Dubai-based Utico has announced it is going to issue the region’s first utilities sustainability Sukuk.

It follows the company being given an international sustainability rating for its benchmark Sukuk from DNV UK.

It will be the first Sustainability Private Corporate Sukuk of its kind in the region and will be issued in the next few weeks.

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News developments

UAE: Conditions for Financial Activity Licenses Being Revoked Announced

27/05/202127/05/2021
by Benjamin Filaferro

Mubasher, 26 May 2021: The UAE’s Securities and Commodities Authority has announced the conditions for financial activity licenses being revoked.

The license will be revoked if the company violates its obligations or engages in a bankruptcy case before the courts.

A license will also be revoked if the company fails to engage in a financial activity within six months of receiving the license. For full story, click here.

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News developments

UAE: Anti-tax Evasion Plan Approved

27/05/202127/05/2021
by Benjamin Filaferro

The UAE’s Economic Integration Committee of the UAE has approved an anti-tax evasion plan.

It will involve collecting the data of ultimate beneficial owners. These individuals own 25% directly or indirectly of a company’s capital.

It will include a flexible plan and is aimed at obtaining data on beneficial owners of over 400,000 companies registered in the UAE and an action plan to tackle tax evasion.

It follows the issuing of Cabinet Decision No. 57/2020 last year.

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