Latest News

New Guidelines for Anti-Money Laundering Issued by CBUAE

According to the Central Bank, financial institutions are responsible for conducting due diligence on customers, monitoring all transactions processed or conducted through the licensed financial institutions (LFIs) and reporting suspicious transactions to the UAE’s Financial Intelligence Unit to mitigate and manage money laundering and the financing of terrorism risks. The new guidelines issued by the […]

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Fines Up to 1 million AED to Stop Trademark Infringement

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According to experts, fines have been increased to between Dh100,000 and Dh1 million for forgery or counterfeiting; knowingly using a forged or counterfeit trademark; using in bad faith a trademark owned by another; possession of material for the imitation or counterfeit of a registered trademark; and importing or exporting of counterfeit products. As per the

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MOFAIC Attestation Services Going Exclusively Online

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The MoFAIC has published a guide on their website outlining the steps to follow for both individual and businesses to obtain the service. Customers can avail e-attestation services through MoFAIC’s website and smartphone application. Before applying for the service, they strongly advise to ensure that all the documents you wish to get attested have been

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High Demand and Visa Policy Boost Dubai Property Sales

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Walid Al Zarooni, Chairman of W Capital and author of”Secrets of the Smart Real Estate Investor, said that “the real estate industry continued to break records in terms of sales and transactions, with the first half recording the best performance ever, as sales topped Dh114.51 billion.” Al Zarooni is a certified real estate expert from

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OTP Links with Fake Government Logo – New Scam in the Market!

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Authorities warned residents of suspicious messages which may bear government logos. The Ministry of Interior warned in a tweet that digital scammers try to defraud victims by making the receiver believe that the message is from a governmental organization.These suspicious messages often contain a link or a one-time password (OTP). Authorities have reiterated that messages

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Apex Bank Imposes Fines!

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Central Bank of the UAE (CBUAE), on 14 June 2022 imposed administrative and financial sanctions on a finance company operating in the UAE for not adhering to the rules and regulations of the regulator. The Apex Bank imposed fines for failure to submit audited financial statements by the deadline, and failure to abide by its

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Electronic Attestation of Invoices of Imported Goods

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To ease the manual attestation process and implement standardization, the Ministry of Foreign Affairs and International Cooperation (MOFAIC) has determined a consolidated procedure for attestation of invoices of goods imported into the U.A.E. In order to attest the documents electronically, an individual or a company shall log in to the portal and submit all the

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Dissolving Dubai World Financial Disputes Tribunal and Cases Referral to Dubai Courts

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Decree No. (20) of 2022 was issued dissolving the “Tribunal to Decide the Disputes Related to the Settlementof the Financial Position of Dubai World and its Subsidiaries”, formed pursuant to Decree No. (57) of 2009, and all cases and claims related to the financial settlement of Dubai World and its subsidiaries filed after this Decree

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Dubai Rentals Increase Up to a Whopping 25%

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It is estimated that the rentals will continue to rise for the remainder of this year due to UAE’s new visa policy for job seekers. Meanwhile, affordable areas suchas Deira, Dubai Sports City and Jumeirah Village recorded 11%, 15 % and 21%increase in rentals respectively. As per Dubai Statistics Centre’s latest data, Dubai’s population has

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Penalties Up to 100,000 AED for Non-compliance in Free Zones

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There are over 50 freezones in the UAE, 20 out of which are in Dubai, that offer investors 100% foreign ownership of their organizations and exemption of tax schemes. Dubai has also added 98 new economic activities with business models, thus requiring the imposition of strict regulations to confirm that the entities’ earnings profits legitimately

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New Guidelines for Anti-Money Laundering Issued by CBUAE

Fines Up to 1 million AED to Stop Trademark Infringement

MOFAIC Attestation Services Going Exclusively Online

High Demand and Visa Policy Boost Dubai Property Sales

OTP Links with Fake Government Logo – New Scam in the Market!

Apex Bank Imposes Fines!

Electronic Attestation of Invoices of Imported Goods

Dissolving Dubai World Financial Disputes Tribunal and Cases Referral to Dubai Courts

Dubai Rentals Increase Up to a Whopping 25%

Penalties Up to 100,000 AED for Non-compliance in Free Zones

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