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Qatar sues Luxembourg, UAE, Saudi banks in FX manipulation case

Qatar said on Monday it had filed lawsuits against three banks, accusing them of using what it called overseas currency manipulation to sabotage its economy in the wake of an Arab boycott against the country in 2017. The cases, filed in London and New York, name Luxembourg-based Banque Havilland, the… Read More

UAE on EU tax blacklist because of poor communication, UAE banker says

The European Union’s decision to include the United Arab Emirates on its blacklist of tax havens was caused by “lack of communication” between the EU and the UAE government, the head of the UAE Banks Federation said. European Union governments updated a blacklist of tax havens this week, adding the… Read More

EU updates tax haven blacklist, adds UAE, Bermuda

The European Union has published its updated list of non-cooperative jurisdictions for tax purposes, dubbed the tax haven blacklist, adding ten jurisdictions to the existing five states. The new additions include Bermuda and the UAE. “Those jurisdictions did not implement the commitments they had made to the EU by… Read More

31st October 2018

UAE passes law to combat money laundering, terror financing

The United Arab Emirates has passed a law to combat money laundering and terrorism financing, it said on Tuesday, as it aims to bring its rules into line with international standards on combating illicit money flows. The law, which is in line with the requirements and recommendations of the Financial… Read More

28th September 2018

South Africa, UAE sign extradition treaty that may target Gupta brothers

South Africa has signed an extradition treaty with the United Arab Emirates, the justice minister said on Thursday, raising the prospect of the Gupta brothers, friends of former president Jacob Zuma, returning to face corruption charges. The Indian-born brothers – Ajay, Atul and Rajesh – have been accused of using… Read More

9th August 2018

US to impose sanctions on Russia over nerve agent attack

AP — The United States announced Wednesday it will impose new sanctions on Russia for illegally using a chemical weapon in an attempt to kill a former spy and his daughter in Britain earlier this year. The new sanctions, to be imposed later this month, come despite President Donald Trump’s… Read More

13th July 2018

U.S. says disrupts Iran finance operation in UAE to squeeze Tehran

The United States and the United Arab Emirates have broken up a network funneling illicit funds to Iran as Washington steps up a drive to restrict Iranian trade and access to hard currency in the region, a senior U.S. official said on Thursday. “We jointly disrupted a currency exchange network… Read More

30th May 2018

Dubai cancels corporate fines in fresh effort to boost business

Dubai is exempting companies from administrative fines in a fresh effort to stimulate business, which has been dampened by new taxes and slumping asset markets. A decree by Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum cancels fines imposed by the Department of Economic Development through the end of 2018, the… Read More

29th March 2018

UAE money exchange houses ordered to raise standards by regulator — Reuters

Money exchange houses in the United Arab Emirates have been ordered by the central bank to raise their standards, after several banks cut ties with them due to concerns about the risk of illicit financial flows. The United Arab Emirates’ huge expatriate workforce and growing business and tourism sectors have… Read More

7th December 2017

Dubai execs dismiss UAE inclusion in EU haven blacklist

By Mahmoud Kassem, The National With the acres of newsprint devoted in recent months to the topic of registration of beneficial ownership, it is interesting to consider the role of the registrars. Companies – and other structures – are required to submit returns, and to update them regularly, and… Read More

23rd November 2017

RAKBANK allows money remittance to India using blockchain

By Samburaj Das, Cryptocoin News RAKBANK has announced that it has partnered with Ripple to leverage its global BlockChain network (RippleNet) to power cross-border payments. Recognising the rising power of blockchain in today’s markets, the bank’s tie up with Ripple has enabled the launch of instant, frictionless, and secure money… Read More

25th October 2017

Sanctions: US, Saudi Arabia target Yemen-based terror financing

The United States on Wednesday imposed sanctions on individuals and an entity which it said were linked to sponsoring terrorism in Iraq, Syria and Yemen. The US Treasury’s Office of Foreign Assets Control (OFAC) issued the designations targeting leaders, financiers and facilitators of the Islamic State and al-Qa’ida… Read More

11th October 2017

UK seeks Dubai Police help to fight organised crime

11 October 2017 GULF NEWS Dubai: A senior delegation of the tax authority HM Revenue and Customs (HMRC) in the UK is meeting with UAE law enforcement partners in Dubai to strengthen the joint efforts of both countries to combat organised crime and tax evasion. Simon York, director of HMRC’s… Read More

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