Talking money exchange



Promoth Manghat, the vice president of global operations at UAE Exchange, and Osama Al Rahma, the general manager of Al Fardan Exchange and the chairman of the Foreign Exchange and Remittance Group discuss the industry.

What measures are in place by the Central Bank to regulate the money exchange industry?

Mr Manghat: "The Central Bank has been very stringent in terms of execution of regulations with exchange houses and has been vigorous in protecting the area of people's money. In addition, we as a company have our own procedures and rules and tighten monitoring whenever any incidents in the industry happen to reassure our customers and make sure we don't unknowingly break any rules."

What guidelines do you have from the Central Bank about anti-money laundering?

Mr Manghat: "Regulatory compliance with anti-money laundering has gained more relevance in recent years and the Central Bank is continually counselling the industry with directives and other interactions. It's more relevant as we're operating on a global scene and no company can escape that."

What is being done within the industry to police this area?

Mr Al Rahma: "As the Foreign Exchange and Remittance Group, one of our core objectives is to raise standards in anti-money laundering and so we have training sessions for members and non-members on industry best practice and what practical steps front-line staff can take to minimise risks."

How do you guard against illicit money flows?

Mr Al Rahma: "In general the philosophy that works best is to know your customer and to look for red flags such as making sure their money exchange activities match their income and be particularly vigilant with transactions to certain countries in the region."

How competitive is the money exchange industry in the UAE?

Mr Manghat: "It's a competitive market. The cost of remitting money is low compared to other countries."

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Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

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Stay indoors when conditions are particularly poor.

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Director: Vasan Bala
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
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Essentials

The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes. 
 

Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes. 


In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes. 
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

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Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes

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Name: Almnssa
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Based: Gaza
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Investments: Grants/private funding
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Why your domicile status is important

Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.

Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born. 

UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.

A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.


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