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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

IDENTITY THEFT AND FRAUD AND HOW TO PREVENT THEM

Society’s growing reliance on technology to transfer private information has created more opportunities for identity thieves to access and misuse...

UAE CT REGIME: EXPECTED TRANSFER PRICING IMPACT, TP RULES, METHODS & DOCUMENTATION REQUIREMENTS

With the introduction of a corporate income tax. The UAE CT regime is expected to introduce TP rules and TP...

NEW DUBAI REAL ESTATE LAW TO BOOST PROPERTY INVESTMENTS

Property is a vital sector of Dubai’s economy that has been performing well. In June 2022, the Dubai real estate...

GUIDE TO INVOICE DISCOUNTING

What is Invoice Discounting?Invoice Discounting refers to the form of the invoice financing where the businesses borrow the money in...

WHY AND WHEN TO DO CHEQUE DISCOUNTING

WHY AND WHEN TO DO CHEQUE DISCOUNTING? Are your cheques drawn from reputable organizations? Do you need to boost your...

UAE Bounced Cheques and Fines: You Need to Know in 2022

In the UAE, the cheque bounce is a very frequent problem faced by people during their span in the country....

AML – Third Party Money Laundering Risk

Organizations have long relied on partners, suppliers, agents, contractors and various other third-party services for competitive advantage, operational efficiency, and...

Dubai Metaverse Strategy. How to Navigate Metaverse Economy?

Dubai Metaverse Strategy. How to Navigate Metaverse Economy.The metaverse could contribute $3 trillion (€2.8 trillion) to the global GDP within...

AML-Difference Between Structuring and Smurfing?

What is the Difference Between Structuring and Smurfing? Financial crimes, come in a variety of shapes and sizes particularly smurfing...

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...

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...

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...

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...

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...

Whistleblowing Benefits for Organizations

The most powerful weapon against fraud is not an algorithm or a checklist but a whistleblower.” -The Economist What Is...

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...

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...