Search Results for: Saudi Arabian

The former global head of sales for Jersey-based oilfield services company Petrofac International Ltd pleaded guilty February 6 to UK Bribery Act violations related to over USD50 million in bribes to agents to gain engineering, procurement and construction contracts in Iraq and Saudi Arabia. …

BAHRAIN’S first oil find since 1932 is of major economic significance to the small Gulf state, which has been less reliant on hydrocarbons than its oil and gas rich Gulf neighbours. But it is also of global significance, being a unique, conventional-unconventional offshore shale find in shallow waters.…

The Kingdom of Saudi Arabia and the United Arab Emirates (UAE) are political and economic heavy-weights in the Middle East, but while they have much in common, their anti-money laundering/combating the financing of terrorism (AML/CFT) regimes and the risks they face significantly differ, primarily due to the UAE’s greater exposure to the international financial system.…

A TECHNOLOGY entwined with fossil fuels that, by the of 2018, boasted 43 large-scale facilities, (18 in commercial operation, five in construction and 20 in development), and which processed almost 40 million tonnes per annum (mtpa) of CO2, is clearly more than a passing fad.…

The conventional arms trade has a reputation for using side payment sweeteners to secure multi-million dollar deals. But despite allegations of corruption in numerous jurisdictions, the legitimate arms trade is not on the Financial Action Task Force’s (FATF) radar. Should it be?…

Paint markets throughout much of the Middle East are experiencing a downturn due to the region’s political instability and economic slowdown. However, manufacturers are nonetheless betting on a rebound as larger projects re-start and reconstruction begins in certain markets.

In the oil-based economies of the United Arab Emirates (UAE) and Saudi Arabia, lower oil prices have hit government budgets, causing state-backed projects to be suspended or delayed, while having a knock-on effect on the wider economy.…

Charities continue to be at risk of being exploited by terrorist groups looking to transfer money and finance their operations, with the Middle East a high-risk area.

These non-governmental organisations (NGOs) are, however, criticising the extra scrutiny the sector is facing from regulators, banks and governments, saying it is driving charity financing into the shadows, actually increasing risks of financing by crime and terror groups.…

*EU member states have been given temporary permission to use so-called reverse charge mechanisms to collect VAT, involving shifting liability to pay from suppliers to customers, to fight fraud. The EU Council of Ministers has approved a directive allowing governments to reverse charge VAT on domestic supplies of goods and services above EUR17,500 per transaction until June 2022, when a country is losing 25% or more of VAT to carousel fraud.…

A SALES and Services Tax (SST), replacing Malaysia’s now abolished goods and services tax (GST), has come into force (from September 1), via the new Sales Tax Act 2018 and the Service Tax Act 2018. The SST is a single-stage tax, a sales and services tax imposed on manufacturers and service providers rather than end customers, as with the 6% GST.…

A SALES and Services Tax (SST), replacing Malaysia’s now abolished goods and services tax (GST), has come into force (from September 1), via the new Sales Tax Act 2018 and the Service Tax Act 2018. The SST is a single-stage tax, a sales and services tax imposed on manufacturers and service providers rather than end customers, as with the 6% GST.…