AB Espresso: UAE tightens anti-money laundering laws

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In today’s newsletter:

Take a look at the most recent news from Arabian Business, where our team of editors has gathered the notable advancements in the region from Tuesday. Here's what you missed:

The United Arab Emirates introduced a new Federal Decree-Law to amend provisions of the existing law on anti-money laundering and combating the financing of terrorism on Sunday. The move aims to strengthen the country’s legal framework and align it with international standards in the ongoing battle against illicit financial activities. This comes almost six months after the UAE was removed from the Financial Action Task Force’s grey list.

In addition, the UAE has issued a clarification on rules for payment of Corporate Tax in the country. The Federal Tax Authority (FTA) confirmed that the first Tax Period of a newly established company, in respect of a juridical person subject to Corporate Tax, is determined by the first Financial Year, as stipulated under the Commercial Companies Law.

Aside from this, the UAE is offering motorists to remove four black points from their driving licence in return for supporting Accident-Free Day. The Ministry of Interior (MOI), represented by the Federal Traffic Council and the General Command of Police, will launch a national awareness campaign titled Accident-Free Day on August 26, coinciding with the start of the new school year. The campaign aims to ensure a traffic accident-free first day of school.

In other news, shopping spending in the GCC could hit $300bn by 2030, according to research by Strategy& Middle East. The PwC network partner said GCC cities can join the world’s elite shopping destinations, significantly contributing to urban GDP and employment, improving residents’ quality of life, and enhancing offerings to tourists.

On the sports front, Real Madrid’s Brazilian football superstar Vinicius Jr is considering a €1bn ($1.1bn) move to the Saudi Pro League. Citing unnamed sources, Reuters said the Public Investment Fund (PIF) has approached the 24-year-old forward to sound out interest in a move to the Kingdom. The report claims that the Real Madrid man, hotly tipped to win the Ballon D’or and be crowned the world’s best player in 2024, will be offered a salary of around €200m ($220m) a year until 2029.

THE LONGER READ:

The new real estate advisory arm will offer a host of services in areas such as investment, asset management, property valuation, and strategic portfolio optimisation

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