The UAE has been spearheading a movement to regulate and keep in place due diligence in the critical area of financial integrity; and it has been coming down heavily on financial crime and fiscal malpractices. In 2021, the UAE Cabinet approved the establishment of the Executive Office of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) — in a move that was going to strengthen the country’s anti-financial crime system. Today, the UAE has strict protocols that need compliance and adherence to, so that its integrity in this sector is not questioned; it’s something that is taken very seriously even as new businesses are being set up and as the market opens up to new and exciting possibilities.
This week, two exchange houses have had their licences revoked by the Central Bank of the UAE (CBUAE) and their names have been struck off the Register “for serious violations related to anti-money laundering (AML) and failing to maintain the required level of paid-up capital” and “serious regulatory misconduct”.
Last year, CBUAE had imposed a fine on an exchange house when it was discovered that it had failed to follow due compliance; it had been fined Dh1.05 million for “violating its obligation to conduct exchange activities in the licensed premises only, to use an approved cash-in-transit agent when transporting cash and for violating its obligation to immediately report violations to the central bank”.
It’s a clear message that no form of financial irregularity will be tolerated, and numerous initiatives (including watertight laws to prevent all forms of money laundering) are being taken to ensure that compliance is seamless — with those parties that are falling short being meted out appropriate punishment.
The current wave of austerity imperils the physical and mental health of the world’s most vulnerable workers. Studies have shown that the IMF’s structural-adjustment programmes have exacerbated health inequities in the Global South, where the majority of informal workers live
This is a Promethean moment we’ve entered — one of those moments in history when certain new tools, ways of thinking or energy sources are introduced that are such a departure and advance on what existed before that you can’t just change one thing, you have to change everything
The idea of it can distract us from doing what we need to do to make this world better; this timeline is only one we have access to, and it’s got to be enough
Some nations, such as US, Russia, China, India, have not signed on to ICC, citing concerns about court’s jurisdiction, potential impact on national sovereignty
When we think about children and screens, let’s also consider the relationship between adults and their TVs and smartphones. Watch cable news (where grandparents get their news), and you’ll see a discourse dominated by fear and anger
As countries across the world attempt to slow global warming, the switch to electric vehicles is particularly significant. But that requires wrenching change that is a death knell for hundreds of companies that make components for conventional engines. They will be obsolete in an EV world
While concerns about the geopolitical order, climate change and the Covid-19 pandemic have understandably been in the spotlight, water is rarely discussed outside the context of humanitarian responses to local, national, or transboundary floods or droughts
Making full amends may not be possible long after the events, but raising awareness is an achievement in itself
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