Banks in the UAE have until Sunday to disclose details of accounts held by foreign officials and politicians as the Central Bank tightens regulations on money laundering. The move, which brings the UAE into line with standards in other international financial centres, follows recent high-profile cases involving alleged fraud in the region and internationally.
International regulators are increasing pressure on banks to reduce their exposure to the risk of money laundering. Claims by the troubled Saudi Arabian conglomerate Ahmad Hamad Al Gosaibi and Brothers against Dubai's Mashreqbank and Maan al Sanea, the billionaire head of the Saudi Saad Group, for alleged fraud, and the case of jailed US financier Bernie Madoff, convicted of swindling $65 billion (Dh238.74bn) from investors, are among events that have heightened concerns about irregularities in global financial systems.
Banks, investment firms, finance companies and other financial institutions had until tomorrow to submit details of politically connected foreigners with bank accounts to the regulator's Banking Supervision and Examination Department, said a source within the Central Bank who asked to remain anonymous. The name, nationality and current and previous political positions held by each individual are required by the regulator, as requested in a directive it issued to banks.
After tomorrow, banks will have to seek written permission from the country's monetary authority before they can open accounts on behalf of foreign individuals with political links, or what the central bank describes as "foreign politically exposed persons". But the source said the deadline may be flexible as the Central Bank's aim was to maintain open co-operation with banks on the matter. "This move is global good practice and is a step in line with other developed nations," said a regional chief executive of one UAE bank, who declined to be named.
Eric Milne, the head of banking and finance for the region at the law firm Simmons and Simmons in Dubai, said: "This is entirely in keeping with what the market perceives to be regulators tightening controls across the banking sector, whether it be in wholesale or retail banking. "There's a move towards tighter regulation generally around the world. It's driven by issues connected with money laundering and whether banks want to be associated with particular individuals."
"Foreign politically exposed persons" are defined by the Central Bank as individuals who are or have been entrusted with prominent public functions in a foreign country, such as heads of state or government, senior politicians, senior government, judicial or military officials, senior executives of state-owned corporations and officials of political parties. Such officials and executives have attracted close scrutiny from financial authorities around the world.
The US 2001 Patriot Act requires the country's banks to identify and monitor accounts held by senior foreign political figures to ensure funds do not come from corrupt sources. Under money-laundering legislation in Canada, financial institutions are required to determine if clients are politically exposed foreign persons. Banks in the UK are advised by the country's joint money-laundering steering group to first determine whether a client is politically exposed, and then secure senior management approval for establishing or continuing business with such individuals.
tarnold@thenational.ae
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
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bundesliga results
Mainz 0 Augsburg 1 (Niederlechner 1')
Schalke 1 (Caligiuri pen 51') Bayer Leverkusen 1 (Miranda og 81')
The specs
Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
Price: from Dh130,000
On sale: now
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
RESULTS
Bantamweight: Victor Nunes (BRA) beat Azizbek Satibaldiev (KYG). Round 1 KO
Featherweight: Izzeddin Farhan (JOR) beat Ozodbek Azimov (UZB). Round 1 rear naked choke
Middleweight: Zaakir Badat (RSA) beat Ercin Sirin (TUR). Round 1 triangle choke
Featherweight: Ali Alqaisi (JOR) beat Furkatbek Yokubov (UZB). Round 1 TKO
Featherweight: Abu Muslim Alikhanov (RUS) beat Atabek Abdimitalipov (KYG). Unanimous decision
Catchweight 74kg: Mirafzal Akhtamov (UZB) beat Marcos Costa (BRA). Split decision
Welterweight: Andre Fialho (POR) beat Sang Hoon-yu (KOR). Round 1 TKO
Lightweight: John Mitchell (IRE) beat Arbi Emiev (RUS). Round 2 RSC (deep cuts)
Middleweight: Gianni Melillo (ITA) beat Mohammed Karaki (LEB)
Welterweight: Handesson Ferreira (BRA) beat Amiran Gogoladze (GEO). Unanimous decision
Flyweight (Female): Carolina Jimenez (VEN) beat Lucrezia Ria (ITA), Round 1 rear naked choke
Welterweight: Daniel Skibinski (POL) beat Acoidan Duque (ESP). Round 3 TKO
Lightweight: Martun Mezhlumyan (ARM) beat Attila Korkmaz (TUR). Unanimous decision
Bantamweight: Ray Borg (USA) beat Jesse Arnett (CAN). Unanimous decision
ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
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if you go
The flights
Flydubai flies to Podgorica or nearby Tivat via Sarajevo from Dh2,155 return including taxes. Turkish Airlines flies from Abu Dhabi and Dubai to Podgorica via Istanbul; alternatively, fly with Flydubai from Dubai to Belgrade and take a short flight with Montenegro Air to Podgorica. Etihad flies from Abu Dhabi to Podgorica via Belgrade. Flights cost from about Dh3,000 return including taxes. There are buses from Podgorica to Plav.
The tour
While you can apply for a permit for the route yourself, it’s best to travel with an agency that will arrange it for you. These include Zbulo in Albania (www.zbulo.org) or Zalaz in Montenegro (www.zalaz.me).
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
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The five pillars of Islam