UAE anti money laundering Regulations

AML Regulations and the Impact on the Insurance Industry

In association with Premium Insurance Magazine, BSA will be hosting a webinar discussing ‘Anti-money laundering (AML) regulations and the impact on the insurance industry’. This comes as the UAE Central Bank has issued new guidelines as part of a joint effort between the Supervisory Authorities of the UAE, regarding factors that must be taken into consideration by…

DIFC Wills

BSA corporate associate Bradley Moran has recently been approved as a DIFC Will Draftsman. A DIFC Will is one of the most straightforward ways for non-Muslim expatriates living in the UAE to direct and protect the succession of their local assets if anything should happen to them. If you’re a non-Muslim and die without a…

Legal 500: UAE Litigation Chapter 2021

Originally published as a Country Specific Q&A on Legal 500, Partner, Abdullah Ishnaneh provides an overview of litigation laws and regulations applicable in UAE, answering such questions as: What are the main methods of resolving commercial disputes?     The main method of resolving commercial disputes is litigation before the local courts. However, there are other means…

GCC Restructuring & Insolvency Report

The worldwide economic distress caused by the ongoing Covid-19 pandemic has certainly not spared the GCC region. The pandemic has exacerbated the region’s pre-existing economic challenges, many of which date from the prior distresses that occurred ten years ago and were never fully remediated. This has led to a knock-on effect whereby many corporate interests…

Companies in violation of UBO Regulations may face up to AED 100,000 fine

The Federal Cabinet issued the Cabinet Resolution No 58/2020 (the “UBO Regulations“) last year. The UBO Regulations applies to: mainland (or onshore) companies (the “Mainland Companies“); and companies incorporated in non-financial free zones such as Dubai Multi Commodities Centre, Jebel Ali Free Zone, etc. (the “Non-Financial Free Zone Companies“). There are separate set of regulations…