Author Page | Insights & Updates from AAA-CAS Admin

05 Jul, 22

EXTP007-Excise Tax Public Clarification on deficient or missing goods within a Designated Zone and Excise Tax relief Process

EXTP007 -Excise Tax Public Clarification on deficient or missing goods within a Designated Zone and the process destruction of Excise Goods within a Designated Zone and requesting an Excise Tax relief EXECUTIVE SUMMARY On 21 June 2022, the United Arab Emirates (UAE) Federal Tax Authority (FTA) published a new Public Clarification EXTP007 (pdf) (Clarification) on […]

04 Jul, 22

VAT Public Clarification VATP029 on Gold – Making charges

VAT Public Clarification VATP029 on Gold – Making charges The Federal Tax Authority (FTA) has issued a new VAT Public Clarification VATP029 on Gold – Making Charge (“VAT Public Clarification VATP029”, “Public Clarification”) providing guidance on the application of the UAE VAT legislation regarding the fee received for the crafting of a gold item by […]

15 Jun, 22

Overview UBO Regulations in the United Arab Emirates

Objective & Scope of Ultimate Beneficial Owner Maintain UAE’s economic position with international requirements To regulate minimum obligations in disclosure of Beneficial Owners, Shareholders, Partners & Nominee Board Members To have effective & enduring regulatory mechanism & procedures for the beneficial owner data Who is a beneficial owner? The Cabinet Decision No. 58 of 2020 […]

08 Jun, 22

ESR Deadline Fast Approaching!

Overview of UAE Economic Substance Regulation Requirements. Companies in the UAE are required to conduct an annual self-assessment to determine the applicability of Economic Substance Regulations (ESR). The time for assessment has neared as the UAE entities are required to file their ESR notifications on or before June 30, 2022, for the financial year ended […]

02 Jun, 22

Cryptocurrency Money Laundering using Virtual Currency Exchanges.

Cryptocurrency Money Laundering using Virtual Currency Exchanges. According to a 2022 report from the leading blockchain analytics company Chainalysis, criminals laundered $8.6 billion in cryptocurrency in 2021, a 30% increase over the previous year. The report says, “while billions of dollars’ worth of cryptocurrency are transferred annually from illicit addresses, the majority of it ends […]

31 May, 22

Whistleblowing Benefits for Organizations

The most powerful weapon against fraud is not an algorithm or a checklist but a whistleblower.” -The Economist What Is Whistleblowing? A whistleblower is a person, who could be an employee of a company, or a government agency, disclosing information to the public or some higher authority about any wrongdoing, which could be in the […]

25 May, 22

Wash Trading and Money Laundering in NFTs

In the last one-year, non-fungible tokens (NFTs) have gained popularity between brands as well as consumers. Chainalysis – blockchain data platform tracked NFTs made news for exponential sales from just $106 million sales in 2020 to $44.2 billion in 2021. However, as is the case with any new technology, NFTs offer potential for abuse. Chainalysis, […]

23 May, 22

Top 4 Anti-Money Laundering (AML) Trends in 2022

As the technology continues to offer endless possibilities, it is likely that the financial criminals will discover new methods to manipulate the financial industry to commit money laundering or terrorist financing crimes. However, at the same time, it is possible to use the technologies in detecting those criminal activities as well. Therefore, to minimize the […]

20 May, 22

Top Technology Trend in 2022

In today’s fast-paced life, technology has taken the rein of the world and emerged rapidly. The rate at which technology is evolving is almost exponential today. For business organizations, new technology helps to reduce costs, enhance customer experiences, and increase profits. Nearly 50 billion devices will have internet connectivity by 2030. Below are few tech […]

19 May, 22

What You Need to Know About UAE Virtual Assets Law?

On 28 February 2022, the Ruler of Dubai issued Law No.4 of 2022 on the Regulation of Virtual Assets (the “DVAL”) in Dubai, which came into effect on 11 March 2022. The DVAL is the first law in Dubai, which specifically regulates virtual assets and shall apply throughout Dubai (including free zones and special development […]

admin