Search Results for: UAE

The European micro-states of Andorra and San Marino have signed an association agreement with the European Union (EU), which will more tightly integrate these small countries with the EU’s AML/CFT policies, programmes and legislation (1).

Both the Pyrenees principality (in 2011) and the Italian enclave republic (in 2012) had already struck monetary agreements with the EU, which allowed them to use the Euro and involved commitments to adopt “through direct transposition or possibly equivalent actions…implementing the EU legal acts [on] the prevention of money laundering” (2) (3). …

*UAE family-owned businesses still debt shy, says top CFO

In the United Arab Emirates (UAE), family-owned businesses contribute up to 70% of GDP, according to the ministry of economy, and continue to be a powerful force in the Gulf region, the ACT Middle East Treasury Summit 2024 was told.…

Treasurers in the Middle East are divided on whether they should be more active in supporting trade. This key question was put to the Association of Corporate Treasurers’ ACT Middle East Treasury Summit 2024 by moderator Amr El Haddad, head of transaction banking, National Bank of Kuwait.…

While historically the Middle East has been known for shipping in new technology from overseas as required, there is growing regional ambition to be an innovation leader, said Youssef Salem, CFO of Abu Dhabi-based ADNOC Drilling – one of the largest companies in the sector.…

Since the Hamas-led attack on Israel on 7 October 2023, and the ensuing Israeli war on Gaza, the Palestinian banking sector has been caught in the crosshairs. Meanwhile, Hamas continues to get funding as the war enters its 10th month.

The Palestinian banking sector, overseen by the Palestinian Authority (PA), has been under heightened pressure from the Israeli government following the Hamas-led attacks.…

Free trade zones (FTZ) have long been identified as having potential vulnerabilities for ML/TF/PF. And while they are not a key priority for FATF as it assesses the criteria for its fifth mutual evaluation round (MER5), given FTZs are still growing in number, international concern about their criminal money risks persists.…

The role of corporate treasury departments amid global and regional volatility, technological change, and sustainability goals will take centre stage at the upcoming ACT Middle East summit in September (1).

This region continues to grapple with tough macroeconomic challenges of sluggish growth and poor productivity, but also more intense regional political concerns, such as the ongoing war in Gaza between Israel and Hamas.…

Türkiye is one of the top 10 milk producers worldwide, according to the Turkish National Dairy Council (Ulusal Süt Konseyi – USK) but the country’s dairy sector has been impacted over the past two years by high inflation and the depreciation of the Turkish lira (1).…

Suspicion is at the core of AML/CFT – investigating a transaction that appears unusual may lead to evidence of potential wrongdoing that can be incorporated into a suspicious transaction report (STR).

But as with any bedrock professional practice, there is a right and wrong way to work.…