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Blogs

AML third party
22 Jul 22

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 cost savings. However, this increasingly network of third-party relationships creates the potential for money laundering risk as well. Bad actors can use various methods to clean their money — and,…
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DUBAI Metaverse
20 Jul 22

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 a decade if it evolves in the same way mobile technology has in terms of adoption and would lead to a 2.8 per cent contribution to global GDP by…
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AML
19 Jul 22

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 and structuring are frequent in the financial service sector. They, depending on whether they are local or international. Smurfing and structuring are two of the most prevailing forms of financial…
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VAT on Gold
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…
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Overview UBO Regulations
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…
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ESR
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,…
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Crypto Currency
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,…
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whistle - LAW
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,…
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NFT
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…
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