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All posts by: Rethink Publications

by in Compliance

OPINION: UAE’s Strong Commitment to AML Compliance: DNFBPs Beware!

Since the issuance of a report on the UAE in 2020 by the global money laundering and terrorist financing watchdog, the Financial Action Task Force (“FATF’) (see: FATF Mutual Evaluation Report on the UAE released), the UAE has taken significant steps to increase the effectiveness of the UAE’s anti-money laundering and counter-terrorist financing (“AML/CFT”) system. In […]

by in Compliance

UAE Compliance Update: Kudos to the DIFC on the record-breaking growth driven by Fintech & Innovation!

Established in 2004, the Dubai International Financial Centre (DIFC) has become a leading financial hub for the Middle East, Africa, and South Asia (MEASA) region. It has also become one of the world’s most advanced financial centres, with a population of 3 billion people and a GDP of $8 trillion. Moreover, it houses more than […]

by in Human Resource & Talent Acquisition

HR Update: DMCC member firms — Mandatory WPS Implementation

What is WPS: WPS [Wage Protection System] is a digital payment of salary transfer through Banks / Exchange Bureaus / financial institutions approved by the UAE Central Bank. Newly Mandatory for DMCC Companies: All DMCC Member firms must Register employees with active employment visas or Personal Identity Card (PIC) under each company Effect salary payments through […]

by in Compliance, Tips

UAE Compliance Update: Dubai Virtual Asset Regulatory Authority Issues First VASP MVP License

We are starting to see greater precision around the regulatory process of the Dubai Virtual Asset Regulatory Authority (“VARA”) with the recent issue of its first operating license to FTX Exchange FZE (“FTX”), a subsidiary of FTX Europe. FTX is the first virtual asset service provider to receive a minimum viable product (MVP) license from VARA to […]

by in Economic Substance Regulation(ESR), Tax

UAE ESR Update: ESR Audit — What Process?

With the issuance of the new Cabinet Resolution No. 57 of 2020 concerning Economic Substance Requirements (“Regulations”) on 10 August 2020, the Federal Tax Authority (“the FTA”) was appointed as the National Assessing Authority. The FTA’s functions include, without limitation: (i) undertaking assessments to determine whether a Licensee has met the Economic Substance Test; (ii) […]

by in Virtual CFO Services

Newsflash: If a UAE SME lets its financial control become ‘financial out-of-control’, the risks can be existential

In a long career in finance and accounting, I reckon I’ve pretty much seen it all…. and, frankly, some of it was not very pretty! For every role where my aim was to move an organisation’s finance function towards ‘world-class’, I had another role where the primary aim, at least initially, was much less auspicious […]

by in Compliance, Industry News

Newsflash: First-of-its-kind law to regulate virtual assets in Dubai

The announcement that the Emirate of Dubai has chosen to “boldly go where no government has gone before” and create regulatory certainty that accounts for the meeting of the physical and virtual dimensions is most welcomed! The regulatory regime will seek to:  Establish a competent authority aka Dubai Virtual Asset Regulatory Authority (“VARA”); Regulate, supervise and […]

by in Virtual CFO Services

Newsflash: The Benefits to a UAE SME of a Non-Executive Director with a Financial Background

Although non-executive directors (NEDs) are only a legal requirement in the United Arab Emirates for joint stock companies (JSCs), they can be of significant benefit to small and medium-sized enterprises (SMEs). This is particularly the case for a NED with a financial background, who has perhaps operated at the level of Chief Financial Officer (CFO) […]

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