UAE Archives - Page 73 of 98 - LexisNexis Middle East

UAE: Executive Anti-money Laundering and Terrorist Financing Office Established

26/02/202126/02/2021
by Benjamin Filaferro

The UAE’s Cabinet has approved the establishment of an Executive Anti-money Laundering and Terrorist Financing Office. The Executive Office of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) will oversee the implementation of the UAE’s National AML/CFT Strategy and National Action Plan which are aimed at strengthening the country’s anti-financial crime system. Hamid Al Zaabi has been appointed as the Director-General of the Executive Office. It will report to the Higher Committee overseeing the UAE’s National AML/CFT Strategy which is chaired by the Foreign Affairs and International Cooperation Minister.

Weekly Spotlight

Dubai: The International Financial Centre has launched a public consultation on proposed amendments

26/02/202126/02/2021
by Benjamin Filaferro

The Dubai International Financial Centre has launched a public consultation on proposed amendments to some of its key laws. It will end on 28 March 2021.
The proposed amendments will affect the 2019 Employment Law (DIFC Law No. 2/2019 as amended last year by DIFC Law No. 4/2020), the Employment Regulations, the 2020 Data Protection Law (DIFC Law No. 5/2020), the 2019 Insolvency Law (DIFC Law No. 1/2019) and the Insolvency Regulations.
The amendments have been proposed in light of international best practices and the specific factors relating to the DIFC as well as the need to provide an appropriate regulatory environment for businesses to operate in or from the Centre.
The proposed amendments to the Employment Law are aimed at clarifying the application of limitations periods to claims made under the Employment Law, including claims for deductions to an Employee’s Remuneration, the accrual of vacation leave and the duration of the probationary period for short term fixed-term contracts and certain defined terms used in the Law. In addition, they are aimed at amending the basic workplace health and safety requirements under the Employment Law to account for working from home arrangements.
They are also proposing issuing new Employment Regulations to provide further clarity in relation to the Qualifying Scheme regime to bring it in line with the Dubai Financial Services Authority’s Employee Money Purchase Scheme so only a single layer of regulation is applied to these schemes; and make them fit for purpose from a consumer protection perspective.

News developments

UAE: Dubai Government-owned licensing solutions accept crypto-currencies

19/02/202119/02/2021
by Benjamin Filaferro

Kiklabb, the Dubai Government-owned licensing solution, now accepts cryptocurrencies as a payment option for trade licences and visa fees. Kiklabb customers can now pay for services using cryptocurrencies, including Bitcoin, Ethereum and Tether (USDt). Kiklabb is also the first to use a virtual end-to-end business setup experience. Customers can register as well as pay for Dubai trade licences remotely and with a virtual currency, using their smartphone.

News developments

UAE: The Abu Dhabi Police has warned drivers of the danger of using vehicle carriers

19/02/202119/02/2021
by Benjamin Filaferro

The Abu Dhabi Police has warned drivers of the danger of using vehicle carriers for recovery to transport equipment and vehicles that do not meet safety and security conditions as well as those that are not equipped to transport this type of equipment, as this endangers road users and road infrastructure. The directorate indicated that equipment carriers need a permit to transport, and it is granted according to the work assigned to them through contracts.

News developments

UAE: VAT Registration Rules for Owners of Multiple Sole Businesses Clarified

12/02/202112/02/2021
by Benjamin Filaferro

The UAE’s Federal Tax Authority has clarified the VAT registration rules for owners of multiple sole businesses. Owners in these cases should complete a single VAT registration for all of them. They should not be registered individually. The Authority added an individual enterprise is a legal form for businesses which are 100% owned by an ordinary person. Individual enterprises don’t have an independent legal personality and the enterprise and owner are considered as one.

News developments

Dubai: Government Information Leakers Identified

12/02/202112/02/2021
by Benjamin Filaferro

The General Secretariat of the Dubai Executive Council have announced the Dubai authorities have identified Government information leakers. The individuals attempted to disclose this information. They attempted to do so through messaging applications and social media platforms. Those who leak this information will be punished. The authorities added Government employees should comply with policies and procedures on the dissemination and exchange of Government information and upholding confidentiality and privacy.

News developments

Abu Dhabi: Exchange Trading Commissions Reduced

12/02/202112/02/2021
by Benjamin Filaferro

Abu Dhabi’s Securities Exchange has announced it will reduce the total commissions for the trading activities on all deals which happen from this month. It is part of its ADX One strategy which is aimed at doubling the market value of the companies listed in the market over the next three years. This is the second time the Exchange has reduced commissions on transactions over the last two years to improve market liquidity.

News developments

Abu Dhabi: Funds Cannot be Taken Without Informing Customers First

05/02/202105/02/2021
by Benjamin Filaferro

Abu Dhabi’s Court of Cassation has ruled funds cannot be taken without informing the customer first. Their ruling amends a ruling which saw one bank in the country and two telecommunication companies fined. They were fined 20,000 AED for making a customer pay fake costs and deducting them from their account without their permission. The ruling was amended to exempt the telecommunications companies from the fine and ask the bank to pay 4,000 AED for withholding the money without informing the customers.

Weekly Spotlight

UAE: Authorities have approved amendments to Cabinet Decision No. 2/1972 (the Implementing Regulations to the Federal Nationality and Passports Law, Federal Law No. 17/1972)

05/02/202105/02/2021
by Benjamin Filaferro

The UAE authorities have approved amendments to Cabinet Decision No. 2/1972 (the Implementing Regulations to the Federal Nationality and Passports Law, Federal Law No. 17/1972) to allow investors, professionals, those with special talents and their families to acquire Emirati nationality and passport in certain circumstances.
Among others, investors, doctors, specialists, inventors, scientists, talents, intellectuals, artists and their spouses and children will be able to benefit from the changes. They will be able to keep their existing nationality.
Emirati citizenship will be able to be obtained through nominations from Rulers and Crown Princes as well as Courts, Executive Councils and the Cabinet for Federal entity nominations. Investors have to own property in the UAE while doctors and specialists have to be specialists in a unique scientific discipline or other scientific principles which are in heavy demand in the UAE.
The applicant also has to have acknowledged scientific contributions, studies and research of scientific value and practical experience of at least 10 years. In addition, they have to have membership in a reputable organisation in their specialist area.
Scientists have to be active researchers in a university or research centre or in the private sector, with practical experience of at least 10 years in the same field. They should also have contributions in the scientific field such as winning a prestigious scientific award or securing substantial funding for their research during the past ten years. In addition, they will have to obtain a recommendation letter from recognised scientific institutions in the UAE.
Inventors who want to acquire Emirati citizenship have to obtain one or more patents which are approved by the UAE Economy Ministry or any other reputable international body as well as a recommendation letter from the Economy Ministry.
Individuals with creative talents like intellectuals and artists have to be pioneers in the culture and art fields and have won at least one international award. A recommendation letter from related Government entities will also be required.
Those who qualify will also have to swear an oath of allegiance, commit to abide by the Emirati laws and officially informing the respective Government agency if acquiring or forfeiting any other citizenship is required.
Citizens are able to establish or own commercial entities and properties. They are also entitled to any other benefits which are granted by federal authorities after Cabinet or local authority approval. If the conditions are violated, citizenship can be withdrawn. The aim is to attract international talent to the country.

News developments

Abu Dhabi: Environment Licenses Conditions for Construction Projects Explained

29/01/202129/01/2021
by Benjamin Filaferro

Abu Dhabi’s Environment Authority is now requiring owners of construction buildings to obtain environment licenses in three circumstances. The first is if a new project is starting or a new building is being constructed. The second is when an existing project or establishment is being added or amended. The third and final one is when the building is being removed completely. The Authority confirmed the aim of these licenses is to assess the environmental impact of these projects and remove or reduce their impact. The Authority added the license is a legally binding document.