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04 Nov, 22

SIGNIFICANT VAT CHANGES IN THE UAE- FEDERAL DECREE-LAW NO. 18 OF 2022

The UAE has issued Federal Decree-Law No. 18 of 2022 to amend a number of provisions of the Federal Decree-Law No. 8 of 2017 on Value Added Tax (the VAT Decree-Law). The amendments will take effect from 1 January 2023. The main changes to the VAT Law are summarized below: Article 1 – Definitions The […]

03 Oct, 22

LETTER OF CREDIT -TRADE FINANCE SOLUTION

WHAT IS A LETTER OF CREDIT? A Letter of Credit (LC) is a document issued by a bank or other financial institution to another party that provides evidence of financial obligations. It can be used in international trade between parties who have no direct contact, such as buyers and sellers that do not have a […]

22 Sep, 22

The Economic Substance Test for Holding Company Business and High-Risk IP Business in the UAE

The UAE issued economic substance regulations (the “Regulations”) in April 2019, amended by Cabinet Resolution No.57 of 2020 in August 2020, which introduced a requirement for UAE entities to maintain an adequate “economic presence” in the UAE relative to the activities they undertake. The UAE economic substance requirements apply to all UAE onshore and free […]

16 Sep, 22

UAE-Dubai Government Issues New Law on Musataha Rights Over Commercial Lands

Government of Dubai has issued Decree No. 23 of 2022 (the “Decree”) to control the granting of Musataha rights in the Emirate of Dubai in July 2022. Purpose of the Decree The objective of the Decree is to regulate & control the use of commercial and industrial land in the Emirate and to enhance investments […]

08 Sep, 22

UAE AML- Real Estate Activity Report (REAR) Reporting Requirements for Real estate agents and brokers as per Circular Number: 05/2022

What is Real Estate Activity Report (REAR)? Real estate agents and brokers licensed in the UAE are required to file the REAR effective from July 1st, 2022. They need to report the transaction related to the purchase/sale of Freehold Real Estate, which involves cash or virtual assets. The purpose of REAR is to curb the […]

29 Aug, 22

DETECTING AND DETERRING ASSET MISAPPROPRIATION

What is Misappropriation of Assets? Asset misappropriation fraud involves third parties or employees in an organization who abuse their position to steal from it through fraudulent activity. It can also be known as insider fraud. Misappropriation can occur at any stage of routine business operations; before assets are recorded, while assets are being retained and […]

17 Aug, 22

SPOTLIGHT ON INVENTORY FRAUD WARNING SIGNS AND PREVENTIVE MEASURES

Inventory is one of the main targets of fraud. Some companies are more at risk than others for instance retail & manufacturing business are at high risk as inventory is typically the largest value of assets for retail and is huge portion of the asset for manufacturing businesses. However, for service companies with minimal inventory […]

15 Aug, 22

GUIDE TO SPOT INVOICE FRAUD AND ITS PREVENTION

Fraud can happen at any time and to any company. Do you know the ways to protect yourself and your business? Organizations throughout history, regardless of size, have been susceptible to some form of invoice fraud. Research reveals small and medium-sized businesses are at more risk of being targeted for invoice fraud. However, corporate giants […]

12 Aug, 22

KEY ELEMENTS OF EFFECTIVE AML TRANSACTION MONITORING

Transaction monitoring is a key part in the defense against money laundering and financial crime. It is the process of identifying and reviewing anomalous activity and transactions before deciding to report any suspicious activity to law enforcement. To conduct adequate transaction monitoring today, is an uphill battle on multiple fronts. Transaction monitoring success is critical […]

11 Aug, 22

DIAGNOSE HEALTH OF THE AML TRANSACTION MONITORING- WELLS FARGO UNIT FINED $7M FOR FAILURES

The requirement to undertake transaction monitoring evolved because of anti-money laundering (AML) legislation and its importance has been magnified and reinforced by increased regulatory attention and significant fines. Recently Wells Fargo unit fined $7M for AML transaction monitoring failures. For the second time in five years, a subsidiary of Wells Fargo has been charged by […]

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