Regulators in the United Arab Emirates are turning to new technology and expertise from other jurisdictions to improve the country’s anti-money laundering regime.
Lawyers described fresh investment at regulatory agencies in both advanced technology and experienced enforcement personnel from regulators in the UK and Australia, a trend that Dubai-based White & Case local partner David Berman expects will likely be “accelerating further” in the coming year.
“The DFSA and the FSRA regimes are very closely modelled on the FCA’s regime, so it is not out of step with the approaches being taken in other jurisdictions,” Berman said.
While international companies have long had procedures in place to comply with more developed anti-money laundering regulations, UAE-based companies are also improving their compliance in response to the increasing scrutiny by local regulators. “I would say that the biggest misconception for businesses entering the UAE is that it’s still a light-touch jurisdiction for regulatory supervision and enforcement,” Berman said.
He added that there is “a much more developed awareness of regulatory requirements” among financial services businesses than there is among non-financial gatekeepers such as lawyers, accountants, gold dealers and estate agents.
While rivals in some ways, Hong Kong and Singapore also have points in common when it comes to attracting HNW and UHNW individuals – some of whom are more minded to seek a change in light of rising
On December 18, 2024, U.S. Representative Darin LaHood, a Republican from Illinois, introduced a bill that would implement a residence-based system of taxation for U.S. citizens living overseas and
Wealth and corporate taxes remain a sticking point between countries at the United Nations negotiating the roadmap for a framework convention on tax, which could herald a radical shake-up of the global
Summary of the decisionBanks play a crucial role in the fight against subversive crime because of their unique access to financial information and transaction flows. This is precisely why it is essential