VLADIMIR UREVICH’s Post

UAE banks excluded from the FATF "grey" list The Financial Action Task Force on Money Laundering (FATF) has removed the UAE from the "grey" list after implementing all 15 recommendations of the organization. The decision was announced following the results of the FATF plenary meetings in Paris on February 23, 2024.   This step will contribute to the expansion of the UAE banking sector, increase international trade and strengthen investor confidence in the second largest economy in the Arab world. https://lnkd.in/dMxHyn4U

Currency in circulation spikes significantly around Eid Al Fitr in UAE as residents withdraw more cash from the banking system, mainly to make the children happy with Eidiyya. 2020 effect was most likely less significant due to Covid restrictions. I suggest this monetary phenomenon to be officially called Eidiyya Effect. Eid Mubarak to all. (Chart source: International Monetary Fund, UAE Technical Assistance Report, 2022)

📢 Big news for the UAE: Potential exit from FATF's "gray list" this week! As I read in a very interesting article in Bloomberg yesterday by Ben Bartenstein. The United Arab Emirates is poised to be removed from the Financial Action Task Force's Financial Action Task Force (FATF) "gray list" as soon as this week, marking a significant turnaround after being added in March 2022. This is great news for the UAE's financial sector and its reputation as a global financial hub. Key points: Swift turnaround: Being on the gray list increases scrutiny and can deter #investments . Exiting so quickly shows the UAE's commitment to tackling illicit financial flows. #reforms & progress: The UAE has implemented stricter regulations, imposed AML/CFT fines, and made high-profile arrests to demonstrate its efforts. Mixed reactions: While some praise the progress, concerns remain regarding money laundering, cooperation, and the property market. Transparency International urges caution. Wider implications: Removal from the list could boost Wall Street banks with UAE operations and improve the UAE's image as a financial centre. What impact will this have on the UAE's financial sector and reputation? #uae #greylist #compliance

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE officially launched the Buna Payment System for the Arab Regional Payments Clearing and Settlement Organization at the World Governments Summit (WGS) 2024. Buna’s launch represents a significant step towards achieving the objectives outlined by the Arab Monetary Fund, which established the Arab Regional Payments Clearing and Settlement Organization. This significant initiative marks a crucial step towards strengthening Arab economic and financial integration, facilitating trade, and strengthening investment ties. Buna (The Arab Regional Payments Clearing and Settlement Organization) | #crossborderpayments | #arabworld

UAE's Islamic finance sector surges on a sustainable path!📈 Central Bank's 2023 report reveals Islamic banking claims 23% of total assets at Dh845B.🌐 Islamic windows show remarkable 49% growth. Takaful and sukuk witness significant strides, with sukuk issuances hitting Dh28.7B in H1 2023.📊 The landscape evolves, marked by takaful sector consolidation. Sharjah leads in sukuk issuance, propelling the market forward.💪🏽 Despite challenges, the sector thrives, aligning with the UAE's sustainability goals.🌍📊 Follow Burj Diary for the latest trends and updates from the UAE! . #islamicfinance #uaeconomy #sustainablegrowth #financeinnovation #banking #takaful #sukuk #economicreport #financialnews #uaeindustry #burjdiary #burjdiaryfamily

UAE removed from money laundering ‘grey list’ The Paris-based Financial Action Task Force (FATF) confirmed that the UAE was no longer subject to additional scrutiny by the body, having demonstrated that its ability to police illicit money flows had significantly improved. *The decision is a victory for the UAE*, which was placed on the 'grey list' in March 2022. What is FATF 'grey list': Introduced in 2000, the grey list consists of countries identified as having deficiencies in their anti-money laundering and countering the financing of terrorism regimes. Being placed on the 'grey list' has tangible consequences for a country’s economy and financial system, noting that the move can “restrict cross-border transactions, lead to difficulties for a state obtaining credit, constraint on economic growth and limit inward foreign investment”. https://lnkd.in/eke8mN_F

Oman has amended its Statements of Bank Assets and Liabilities Regulations. Read more here: http://lexn.me/8JOf50QCxz1 Stay ahead of regulatory changes with LexisNexis. Subscribe to our Newsletter: https://lnkd.in/daZumSyA #Oman #BankingRegulations #LegalUpdates #LexisNexis

DMCC Signs Strategic Partnership with #PalestineIslamicBank to Elevate #IslamicFinance Solutions Through its #Tradeflow Platform - DMCC’s Tradeflow to enhance Islamic finance solutions in Palestine, supporting businesses and individuals in need of secure financing options - The MoU reflects DMCC’s broader commitment to fostering innovation, sustainable growth and financial inclusion across markets DMCC has signed a Memorandum of Understanding (MoU) with the Palestine Islamic Bank (PIB). This partnership will facilitate secure Shariah-compliant transactions through the DMCC Tradeflow platform, addressing the growing demand for Islamic finance solutions in Palestine. Through this partnership, DMCC aims to extend its Tradeflow platform’s capabilities to provide tailored financial products that are Shariah-compliant. This agreement not only supports DMCC’s broader mission to expand its trade finance offerings globally but also addresses critical trade finance gaps. With a strong focus on Shariah-compliant banking, PIB is a prominent leader in the digital transformation of Islamic financial services in the region. The bank has established the largest Islamic banking network in Palestine, comprising 43 branches and over 100 ATMs. Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, said: “DMCC’s partnership with Palestine Islamic Bank marks another major step in our efforts to advance and support Islamic finance in the region. With over 164,000 Islamic transactions recorded last year through DMCC’s Tradeflow platform holding an underlying value of AED 1.91 trillion,.... https://bit.ly/3MUahf8 DMCC (Dubai Multi Commodities Centre) #Dubai #Banking #Palestine #UAE #GCC #MiddleEast

🏦 The Central Bank of the United Arab Emirates (CBUAE) has issued its long-awaited Open Finance Regulation, establishing a new and comprehensive framework for the licensing, supervision and operation of Open Finance in the UAE. Partners Jack Hardman, CFA and Simon Crown, senior associates James Dadford, Kikun Alo and Kimberly Ng and associates Josh Morrison and Sami Rahim examine this major new development in the UAE financial sector, its implications for all categories of CBUAE licensees and what steps licensees should be taking ahead of implementation. Read more: 🔗 https://lnkd.in/dp_EMVdz

Exciting news! SANADAK, UAE's new Ombudsman Unit, is here to support consumers of Financial Institutions and Licensed Insurance Companies. Aligned with UAE leadership's vision for enhanced government services and Central Bank regulations, SANADAK ensures fair resolutions for all. Your rights matter! #SANADAK #ConsumerProtection #uaeinsurance #uae #insurancebrokers #uaeexpats #insuranceeducation #financialsecurity #investinuae