The Central Bank of the UAE (CBUAE) has issued a new
guidance on anti-money laundering and combatting the financing of terrorism (AML/CFT)
for licensed financial institutions (LFIs) including banks, finance companies, exchange
houses and insurance companies, agents and brokers.
The Guidance, which comes into effect immediately, will assist LFIs’ understanding of
risks and effective implementation of their statutory AML/CFT obligations, and takes
Financial Action Task Force (FATF) standards into account. The Guidance requires LFIs
to demonstrate compliance with its requirements in line with the relevant CBUAE notice.
The Guidance discusses the use of digital ID systems by LFIs to address their customer
due diligence (“CDD”) obligations. The Guidance focuses on the Digital ID mechanisms
that LFIs should employ to perform CDD on an ongoing basis in relation to natural
persons. The guidance specifically discusses identity proofing, enrollment and
authentication mechanisms in relation to LFIs’ use of digital ID systems. LFIs are also
required to utilise technology best practices, adequate governance and well-defined
policies and procedures.
Moreover, LFIs should leverage data generated by authentication (IP addresses for
example) for ongoing CDD and transaction monitoring with a view to detect suspicious
customer behavior and/or transactions in, to or from sanctioned and high-risk
jurisdictions. LFIs are permitted to rely on customer identification and verification
undertaken by a third party at onboarding provided (i) the LFIs obtain all relevant
information from the third party, (ii) take steps to ensure that the third party will provide
copies of customer documents and information used for CDD and (iii) take steps to ensure
that the third party complies with the CDD and record-keeping requirements set out in the
Cabinet Decision No. (10) of 2019 Concerning the Implementing Regulation of Decree
Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of
Terrorism and Illegal Organisations.
LFIs should take adequate measures to address the inherent technology and security
challenges presented by digital ID systems. LFIs should implement and enforce
necessary safeguards to reduce identity proofing and enrollment risks, including cyber
attacks, security breaches and use of stolen, falsified or synthetic ID details, given the
increasing complexity and severity of cyber breaches.
LFIs are expected to conduct adequate assurance level and appropriateness
assessments on the digital ID systems they choose. They are also expected to implement
and enforce adequate assurance protocols regarding the accuracy of digital ID systems
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CBUAE Classification: Public
and may perform the assurance reviews directly or obtain audit or assurance certification
details from an expert body.
His Excellency Khaled Mohamed Balama, Governor of the CBUAE, said: “The
Central Bank is working closely with the Licensed Financial Institutions to ensure their full
compliance and understanding of the guidances that we issue regularly. This guidance
on the use of digital ID for Customer Due Diligence obligations, will enhance the antimoney laundering and combatting the financing of terrorism framework, and will mitigate
the potential risks in order to safeguard the UAE’s financial system”.
To view the Guidance, please click here.
CBUAE issues new guidance on anti-money laundering and combatting the financing of terrorism for licensed financial institutions on the use of digital ID for Customer Due Diligence
Ministry of Finance holds 2nd session of ‘Corporate Tax Public Awareness Programme’ in Dubai
The Ministry of Finance (MoF) held the second session of its Corporate Tax Public Awareness Programme today in Dubai with participation of leaders from the Ministry, the Federal Tax Authority (FTA), and Dubai Chambers, along with more than 600 tax experts, business sector representatives, and business owners.
Organised with support from Dubai Chambers, the session was attended by Younis Haji Al Khouri, Under-Secretary of the Ministry of Finance; Khalid Ali Al Bustani, Director-General of the FTA; Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers; and leading officials and representatives from various business sectors in the Emirate of Dubai.
Al Khouri opened the session with a keynote address, where he asserted that the Ministry of Finance designed the Corporate Tax Law based on international best practices, to expand its role in supporting the UAE’s strategic objectives, ensuring tax transparency, and preventing harmful tax practices. “The law helps accomplish the UAE’s strategic objectives and provides additional revenue streams for the federal government to implement ambitious projects and maintain sustainable economic growth,” he explained.
“Launching the Corporate Tax Public Awareness Programme reflects our commitment to communicating with all stakeholders – and especially entrepreneurs and businesses operating in the UAE – in order to shed light on the new corporate tax law and regime and provide the business community with corporate tax-related information from an official, reliable source,” Al Khouri noted.
“Today is an opportunity to explore the key features of the Corporate Tax regime and to provide business sectors with pertinent information and a thorough explanation of the aspects of the law.
He added, “The aim is to support correct and accurate understanding and ensure seamless implementation and compliance with the new regime. This, in turn, helps support Dubai’s growing business community and facilitate more growth and prosperity in the private sector, as the emirate moves forward with implementing its ambitious strategic plans and building a world-class model to support the business community and achieve sustainable economic growth.”
Al Khouri thanked Dubai Chambers for supporting the second session of the Corporate Tax Public Awareness Programme, which reaffirms their commitment to making the programme a success and guiding the business sector in Dubai to learn about the new tax regime. “We hope that this session – and other upcoming sessions – will lead to more corporate tax compliance, while enhancing the investment environment, and bringing more prosperity to the business sector and the economy in the future,” he noted.
Khalid Ali Al Bustani, Director General of the Federal Tax Authority, said, “The launch of corporate tax in the UAE marks a new phase in empowering the private sector and the national economy, which serves to advance the country’s position as a global business and financial hub. The UAE’s corporate tax regime keeps pace with tax systems implemented in other jurisdictions and countries that have established cooperation ties with the UAE, collaborating on ambitious commercial projects and investments. This facilitates the flow of capital and investment in Dubai and the UAE, on one hand, and in countries all around the world, on the other.”
“We thank the Ministry of Finance for organising today’s session in the Emirate of Dubai and for introducing the business community here to the features of the new corporate tax regime,” Al Bustani added. “We are confident that the business community in Dubai and across the country will show full compliance, and we commit to supporting them all the way to ensure the success of the entire tax ecosystem.”
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said, “We are delighted to join the Ministry of Finance for this timely and important awareness session on the UAE’s new corporate tax regime. The introduction of corporate tax is a step forward in modernising the UAE’s economic ecosystem and driving its business and investment competitiveness in line with international standards.”
“We share the responsibility of educating our business community and ensuring they are provided with the technical knowledge and guidance on the laws, governance frameworks and policies that impact their next chapter of growth and strengthen the emirate’s economic and financial environments. We will continue to work with the Ministry of Finance and the FTA to provide more awareness sessions and guidance on corporate tax as part of our commitment to delivering for our members and to help create the conditions for businesses to thrive and achieve further growth, innovation and prosperity.”
The Ministry of Finance has launched the Corporate Tax Public Awareness Programme following the issuing of the Federal Decree-Law on Taxation of Corporations and Businesses (the Corporate Tax Law) last month, out of commitment to supporting the various business sectors and introducing their teams of specialists – including corporate finance managers, chief finance officers, legal advisors and experts, tax auditors and agents, accountants, and business owners – to the general framework of the law and how to comply with it.
The session in Dubai included a presentation shedding light on the Corporate Tax Law and introducing participants to key features of the new regime, including scope, rate, key definitions, exempt persons, free zones, administration, and timelines.
The programme also included a panel discussion featuring experts from the Ministry of Finance, namely Shabana Begum, Executive Director of Tax Policy Sector; Fatima Al Sheikh, Director of Tax Policies and Legislations, Thuraiya AlHashmi, Director of International Tax Department, and Rasha Hajj Hussein, Tax Policies and Legislations Expert.
The panellists discussed key topics, such as calculating taxable income, tax exemptions, tax groups, and transfer pricing, among others. Furthermore, the Ministry’s team answered questions from the audience.
The Ministry of Finance is set to hold more in-person corporate tax public awareness sessions across all emirates, along with virtual sessions, held via a digital platform.
Etihad Airways announces new routes to Copenhagen and Düsseldorf
Etihad Airways, the national airline of the UAE, will be introducing two exciting routes this year, connecting Abu Dhabi to Copenhagen in Denmark and Düsseldorf in Germany.
Launching 1 October, the flights will provide business travellers and holidaymakers in the UAE and these key European cities with convenient travel options to and from Abu Dhabi, with four weekly flights to Copenhagen and three weekly flights to Düsseldorf.
The flights will be operated using state-of-the-art Boeing 787 Dreamliner aircraft, offering one of the most comfortable experiences in the sky with 28 seats in Business and 262 in Economy.
Antonoaldo Neves, Chief Executive Officer of Etihad Airways, said: “We are thrilled to start flying to Denmark for the first time and to expand our network in Germany to our third city, providing guests with more holiday options and easier access between Abu Dhabi and Europe.
“Our new flights will take off for the winter season — the perfect time for guests to escape the cold and enjoy Abu Dhabi’s beautiful beaches, world-class entertainment and rich heritage — and also ideal for travellers choosing to experience the unique allure of Europe in the winter.
“With our network expanding to 66 cities, there are even more must-see destinations to plan your next great adventure with Etihad Airways.”
Visitors flying to Europe can look forward to discovering Copenhagen, the capital of Denmark and one of the most popular tourist destinations in Scandinavia, famous for its colourful canals, café culture and attractions including Tivoli Gardens, the oldest amusement park in the world.
Previously served by Etihad, Düsseldorf is being relaunched and will be the airline’s third city in Germany after Frankfurt and Munich, both currently served with daily flights. The city lies on the banks of the Rhine River and is renowned for its world-class shopping and thriving arts, fashion and music scene.
Tickets are currently on sale on Etihad.com and the airline’s mobile app.
Emirates to expand mainland China operations
Emirates announced that it will ramp up its operations in China ahead of the New Lunar Year and in response to strong travel demand, boosting connectivity to its gateways; Guangzhou, Shanghai and Beijing, as the country reopens its borders and eases its COVID-related entry restrictions.
Emirates will resume passenger services to Shanghai starting with two weekly flights operated by an Airbus A380 aircraft from 20th January 2023, with EK302 departing from Dubai to Shanghai non-stop and EK303 making a short stop in Bangkok before returning to Dubai.
This service will ramp up in frequency to four weekly flights operated by a three-class Boeing 777-300ER aircraft from 2nd February 2023. Emirates will further boost its Dubai-Shanghai route from 1st March 2023 with a daily non-stop service.
Starting from 1st February 2023, the airline will increase services between Dubai and Guangzhou with EK362/EK363 operating as daily non-stop flights with the flagship Emirates A380.
Operated by a three-class Boeing 777-300ER aircraft, Emirates’ flight EK308/ EK307 will return to China’s capital city Beijing with a daily non-stop service from Dubai, starting from 15th March 2023.
This will bring the airline’s operations in the market up to 21 weekly flights, providing increased choice and flexibility for both business and leisure travellers, and contributing to China’s tourism recovery.
‘Sharrai’ application witnesses huge demand for car sales
The smart “Sharrai” platform and application, launched by the Asset Management Sector of the Sharjah Asset Management Company, investment arm of the Government of Sharjah in 2021, has witnessed widespread demand by users.
The application was designed for users to buy and sell new and used cars, according to the best set technical and technological standards.
Mohammed bin Essa, Executive Director of the Asset Management Sector at Sharjah Asset Management Company, said, “The Sharrai platform and application provides buyers access to more than 5,306 used cars for sale. The application conveniently connects and allows communication between both local and international shoppers looking to purchase vehicles with new and used car dealers. Meeting the vast needs of the market, shoppers can choose from a variety of preferred different types, models, and specifications of vehicle before effortlessly purchasing their perfect car.”
Easy Way to Upload Multiple Products on Amazon and Benefits of Selling on Amazon
To upload multiple products on Amazon, you will first need to create a seller account. Once you have an account, you can list your products by going to the “Inventory” menu and selecting “Add a Product.” You can list your products one by one manually or use Amazon’s bulk upload feature.
To use the bulk upload feature you will need to create a spreadsheet with the product information, and then upload it to Amazon. The spreadsheet should include information such as the product title, description, price, and image URL. Amazon provides a template that you can use and also guidelines on how to format your spreadsheet. Once the spreadsheet is uploaded and processed, your products will be live on the Amazon marketplace.
Selling on Amazon can offer several benefits to merchants, including:
- Increased visibility and reach: Amazon is one of the most popular e-commerce platforms in the world, with a large customer base. Selling on Amazon can help merchants increase their visibility and reach more customers.
- Convenience: Amazon provides a user-friendly platform that allows sellers to easily set up and manage their listings, track sales, and communicate with customers.
- Fulfillment services: Amazon offers fulfillment services, such as Fulfillment by Amazon (FBA), that can help sellers save time and money on shipping and handling.
- Marketing tools: Amazon provides a variety of marketing tools, such as sponsored products, to help sellers promote their products and increase sales.
- Increased credibility: Selling on Amazon can help merchants increase their credibility and reputation, as customers may trust products sold on the platform more than those sold elsewhere.
At EVOPS Marketing & PR we specialize in helping you set up ecommerce businesses as well as grow and succeed. Our services range from e-commerce platform set-up to management, optimization and promotion.
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IHG Hotels & Resorts opens global headquarters in Windsor
FTSE 100 hospitality company makes its return to town at the new Windsor One development
IHG Hotels & Resorts, one of the world’s leading hotel companies, is delighted to formally open its new global headquarters in Windsor, UK. Having started life as FTSE-listed company in Windsor in 2003, IHG returns to the historic town for its next chapter after being based for the past 15 years in Denham, Buckinghamshire.
The building represents not only the company’s global headquarters, but also the head of its Europe, Middle East, Asia and Africa region, helping serve an international business that has more than 6,000 hotels across more than 100 countries around the world.
The Windsor One office on Arthur Road was opened with a ribbon-cutting ceremony, hosted by IHG CEO, Keith Barr, alongside the company’s executive committee members, and special guests Councillor Christine Bateson, Mayor of the Royal Borough of Windsor & Maidenhead, Samantha Rayner, councillor for Eton and Castle, and Andrew Johnson, Leader for Royal Borough Windsor and Maidenhead council.
Located close to key transport links to London and international airports, the office boasts 57,000 square foot of space over five floors, complete with state-of-the-art technology, modern meeting rooms and event space, parking, a recording studio and views over Windsor Castle and Eton College.
Keith Barr, Global CEO at IHG Hotels & Resorts said: “We are delighted to be moving back to Windsor, a world-famous and historic location. It was important for us as a company to move to a space that empowered us to work collaboratively, flexibly and in way that is truly reflective of today’s evolving workforce. What we have achieved at Windsor One – from the workspace design and digital capabilities, to our connections with the local community – will make our already special company culture even more dynamic.”
Councillor Christine Bateson, Mayor of the Royal Borough of Windsor & Maidenhead said: “It’s great to see large multinationals such as IHG choose Windsor as their base. The investment made in this new HQ is a reflection of the attractiveness of Windsor as not only a location but as a destination in its own right. With so much to offer as a town, we are excited to see IHG team members out and about enjoying our bars, restaurants and cafes – not to mention the great parks and history that Windsor is famed for.”
As one of the world’s leading hospitality companies, a commitment to making a positive impact on its local communities and improving the lives of millions around the world is at the heart of IHG’s Journey to Tomorrow plan to shape the future of responsible travel, together with its partners.
In Windsor, IHG has contracted Good Eating to supply its food and beverage, a company who makes a positive impact to the local community through its commitment to supporting CoFarm, a sustainable development charity. The building’s General Contractor, Overbury, also donated its time, advice and materials to the Windsor Homeless project to help with their new base in Windsor’s Alma Road.
Another pillar of IHG’s Journey to Tomorrow plan is the reduction of energy use and carbon emissions in line with climate science, the minimisation of waste and the conservation of water. To this end, the company is targeting a gold LEED certification for its global HQ, reflective of IHG’s responsible decisions for the building. This includes a significant reduction in energy consumption, the use of renewable energy, and the sustainable sourcing of furniture, fixtures and equipment.
UAE launched 11 environmentally-friendly energy projects worth AED159 billion in 2022: Suhail Al Mazrouei
Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, said the UAE has launched 11 environmentally-friendly energy projects worth AED159 billion in 2022.
In an interview with the Emirates News Agency (WAM), Al Mazrouei stated that the UAE’s clean energy production in 2021 totalled 7,035.75 megawatts (MW), underscoring the country’s pioneering efforts in the clean energy sector.
He also highlighted the launch of the UAE Energy Strategy 2050, the first unified energy strategy by the UAE, which aims to integrate the renewable and clean energy mix to achieve a balance between economic needs and climate goals, in addition to reducing dependency on other fuel sources over the next three decades.
He added that the UAE has adopted, in order to ensure the renewable energy sector’s sustainability, the latest innovations that drive the path of sustainable development, noting that the UAE was among the first countries to ratify the Paris Agreement.
He then pointed out that the Ministry of Energy and Infrastructure established the features of the energy sector’s future for the upcoming 50 years, by revising the National Energy Strategy 2050, drafting the National Hydrogen Strategy, and relying on the achievements already accomplished over the past five decades.
Al Mazrouei stressed that clean energy’s contribution to the energy mix in 2021 reached 19.63 percent while the contribution of renewable energy reached 12 percent, and the contribution of peaceful nuclear energy reached 7.55 percent.
The global turmoil in energy supplies has created challenges related to energy security and will, therefore, lead to a focus on using the lowest-priced resources available locally, to meet the country’s energy requirements, with an increase in exports in the non-oil sector from the UAE, he added.
The UAE has considerable potential in the field of solar power, and the low cost of solar power will enhance the country’s energy security and its competitiveness, in addition to playing a key role in achieving carbon neutrality, he noted, affirming that the rise of renewables requires transportation upgrades and investment in storage technologies to reliably meet energy requirements.
With the expected decrease in storage costs and their commercialisation, long-term storage technologies will play a major role in decarbonising the grid in a reliable and affordable way, he further added.
Speaking about the performance of international oil markets in 2023, Al Mazrouei highlighted several related factors that will drive prices in 2023, such as the end China’s zero-COVID policy, the US decision to refill the Strategic Oil Reserve, the sanctions imposed on Russian seaborne oil products, and ongoing global inflation.
He then talked about other factors that may negatively affect prices, including the global recession, China’s decreasing demand for oil, and the resumption of trade between Russia and Europe.
Al Mazrouei stressed that the Barakah Nuclear Power Plant is a leading innovative energy project in the process of energy transition. Once fully operational, its four reactors will offset 22.4 million tonnes of carbon emissions, the main cause of climate change, annually.
The new successes and progress achieved during the process of developing the four Barakah reactors, which is the first multi-station peaceful nuclear energy project in operation in the Arab world, play a key role in reducing the carbon footprint of the UAE’s energy sector, in order to reach climate neutrality by 2050, he added.
He then pointed out that once commercially operational, the third reactor will add another 1,400 MW of carbon-free electricity to the UAE’s electricity grid, which will help achieve the country’s energy security and combat climate change. The successive achievements of the Barakah plant highlight the UAE’s considerable capabilities in drafting and managing major projects.
The UAE is a model of developing mini reactors and a new generation of reactors, and is paving the way for other carbon-free energy sources, including hydrogen, Al Mazrouei affirmed, noting that the country’s hydrogen strategy is based on 10 key pillars and will help it achieve its goal to become one of the top 10 hydrogen producers by 2031.
“Gray hydrogen is currently produced and used in refineries in the range of 0.3 million tonnes per year. However, there are several DEWA/Siemens pilot projects that utilise blue hydrogen-based ammonia exported to Germany and Japan, as there are more than 10 projects underway, with seven being major projects under development while some are undergoing feasibility studies,” he added.
Regarding Abu Dhabi Sustainability Week (ADSW) and its role in supporting the preparations for COP28, Al Mazrouei said that ADSW is supporting the global sustainability efforts and the UAE’s efforts to host COP28.
ADSW is a pioneering platform that underscores the country’s commitment to supporting climate action, and gathers international leaders and sustainability experts, he concluded.
Hamdan bin Mohammed reviews outcomes of Farmers’ Souq initiative
H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of Dubai Executive Council, and Chairman of the Higher Committee for Development and Citizens Affairs, said Dubai is committed to harnessing all its capabilities to develop its agricultural sector, as part of the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.
Raising local agricultural production is a key priority of the leadership as part of advancing sustainable development and improving the quality of life of citizens and residents of Dubai, the Crown Prince said. “Meeting consumer demand for local agricultural produce is vital to achieving the goals of our food security strategy,” His Highness added. He expressed confidence in the ability of UAE nationals to raise the productivity of the local agricultural sector.
His Highness’s remarks came as he was briefed about the second season of the Farmers’ Souq, being held at the Palm Parks, and the efforts of the Higher Committee for Development and Citizens Affairs to promote the initiative. A popular family attraction, the Farmers’ Souq launched by the Dubai Municipality is a free agricultural, social and investment platform that seeks to gather Emirati farmers under one roof to sell local produce directly to consumers.
His Highness met Emirati farmers participating in the Farmers’ Souq initiative and commended their efforts to provide high-quality agricultural produce to local consumers. He said such initiatives enable local farmers and small agricultural businesses to expand their customer base. Sheikh Hamdan noted that their success reflects the growing capabilities of the local agricultural sector and the progress of Dubai’s efforts to advance food security.
Dawoud Al-Hajri, Director-General of Dubai Municipality, highlighted the keenness of the UAE leadership to support the local agricultural sector and further promote its sustainability. The Municipality is committed to providing local farmers and home-based businesses with a free platform and logistics support to market their products, he said.
Open from 17:00 to 20:00 every Saturday at the Palm Parks, until 11th March, 2023, the Farmers’ Souq this season features over 50 kiosks displaying high-quality local Emirati farm produce including fruits, vegetables, dairy products, organic products, honey, dates, and herbal products.
CEO of Saudi Fund for Development Receives Delegations from Argentina and Cuba
CEO of the Saudi Fund for Development (SFD) Sultan bin Abdulrahman Al-Marshad met here today with President of National Institute of Water Resources (INRH) Antonio Rodriguez of the Republic of Cuba, and his accompanying delegation.
During the meeting, they discussed development issues of common interest, and enhancing possible vital opportunities for development projects in Cuba.
Al-Marshad also received here today Secretary of Development Planning and Federal Competitiveness of the Argentine Republic Jorge Neme, in the presence of Ambassador of the Argentine Republic to the Kingdom of Saudi Arabia Guillermo Nielsen, and Governor of Catamarca Raul Jalil.
They reviewed the SFD’s development projects and programs, in addition to discussing possible vital opportunities in Argentina.