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UAE major AML Crackdown

In 2023, the UAE confiscated assets worth more than AED 2.348 billion and imposed fines exceeding AED254 million in a bid to crack down on money laundering. Last year, the Central Bank of the UAE carried out over 119 field inspections, leading to fines totaling nearly AED113 million, while the Ministry of Economy conducted 3371 field inspections, resulting in fines amounting to AED 101 million in 2023, as per the National Committee for Anti-Money Laundering and Countering the Financing of Terrorism and Financing of Illegal Organizations. It is emphasized that the significant advancements made by the UAE in combating financial crimes, had their actions focused on safeguarding the integrity and sustainability of the country's financial and economic system, as well as protecting the global financial system. The number of suspicious activity reports related to the gold sector surged from 223 in 2021 to 6432 in 2023, indicating increased awareness and vigilance.   Inspections in the gold sector rose by approximately twentyfold, resulting in strict enforcement measures, including fines totaling Dh78.65 million. In August, the Ministry of Economy suspended 32 local gold refineries for non-compliance with anti-money laundering laws.   These refineries were found guilty of 256 violations, and the suspensions occurred between July and October 2024. The UAE has ratified 45 mutual legal assistance treaties in alignment with the initiatives undertaken by the Ministry of Justice, with plans underway to sign new treaties in 2024 and 2025. During the 2024 Asia Pacific Group on Money Laundering (APG) Annual Meeting and Technical Assistance and Training Forum held in Abu Dhabi, recent revisions to anti-money laundering and counter-terrorism financing laws were highlighted strengthening the national sustainability system and enhancing its efficiency in addressing emerging threats, while reinforcing the UAE's position as a leading international financial and commercial Centre The UAE, which has been removed from the "grey list" of money-laundering havens, has implemented changes to enhance investor confidence. These modifications are part of the government's National Strategy for Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Proliferation Financing for the years 2024-2027. The plan for 2024-2027 includes the creation of new committees and a crackdown on violations in the gold sector to increase transparency. The new laws establish two key committees: 1.      The National Committee for Anti-Money Laundering and Combating the Financing of Terrorism, 2.      The Supreme Committee for overseeing the national AML strategy.   These committees are focused on improving compliance and enforcement processes related to AML and CFT, with the goal of reducing red tape and enhancing communication between businesses and regulatory authorities.    

New Rental Law in Sharjah highlights the Accountability of both Tenant and Landlord

His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, who is the Ruler of Sharjah and a Member of the Supreme Council, has introduced a new rental law that mandates landlords in the emirate to confirm rental agreements within 15 days of issuance.   This law is applicable to properties rented for residential, commercial, industrial, or professional use in Sharjah. Sharjah: Under the updated rules, if a landlord fails to confirm a lease agreement within the specified timeframe, the tenant has the option to appeal to the urgent matters judge to force the landlord to authenticate the contract, as per the Sharjah Government Media Office. In case the contract is not confirmed by the municipality or relevant authorities, the landlord will be subject to an administrative penalty in accordance with the executive regulations of the law, on top of the regular authentication charges. Furthermore, the law empowers the municipality to seek judicial intervention to compel the landlord to confirm the lease and settle any applicable fees and penalties.   Written or Electronic Contracts Required Landlords and tenants must sign rental agreements in written or electronic form, using forms endorsed by the Sharjah Executive Council. If a lease agreement is not certified, either party can take legal action through the Rental Disputes Center. The landlord is responsible for paying the certification fees once the validity of the lease is confirmed. Landlord's Responsibilities The law outlines several key obligations for landlords: ·        Transfer of Property: Deliver the rented property in a suitable condition for its intended use without any obstacles during the duration of the lease. ·        Upkeep: Perform necessary maintenance unless specified otherwise in the agreement. ·        Authorization for Alterations: Grant written approval if the tenant wants to make changes to the interior design or carry out other modifications, as long as they do not impact the property's structure. ·        Tenant Safeguard: Ensure that the tenant is not harassed or pressured to leave the property, and that there are no disturbances in services. ·        Refund of Security Deposit: Give back any security deposits at the end of the lease unless there are deductions required for damages caused by the tenant. Tenant's Responsibilities Tenants, under the new law, have several obligations, including: Timely Rent Payment: Pay rent on agreed-upon dates. Property Use: Use the property in accordance with the lease agreement. Modifications: Obtain written permission before making any changes to the property. Maintenance: Carry out routine maintenance, unless otherwise specified in the contract, and allow the landlord to perform necessary repairs. Service Payments: Cover any damages caused and pay for services used during the lease term.   Exemptions from the Law Certain properties are exempt from the new regulations, including: ·        Agricultural lands. ·        Properties granted by the government for residential purposes unless privately owned. ·        Properties provided by employers to house employees without rent. ·        Hotel and tourist facility properties rented exclusively to guests. ·        Properties located in free zones. ·        Properties governed by special decisions of the Sharjah Executive Council. There has been a notable change in the rental scenario in Sharjah with the introduction of this law, which aims to hold landlords more accountable and offer increased protection to tenants in the emirate.    ALKETBI TOUCH: Our team of professionals can offer valuable insights into the opportunities and challenges presented by the new regulatory landscape. If you request further guidance or you have concerns and queries, Do not hesitate to Let us know!

UAE Cyber Security Council: How to Protect Yourself from Malware and Cyber Fraud

The UAE Cybersecurity Council has released a serious alert to residents of the UAE concerning the growing danger of harmful advertisements that are making their way into even the most reputable websites.   Dubai: These deceptive ads, which sometimes appear to be genuine promotions, have the potential to deceive users into unknowingly downloading malware, leading to significant risks like theft of data, fraud, and compromise of devices.    Growing Threat of Malicious Ads The Cybersecurity Council pointed out that numerous websites, even those that are well-known and trusted, depend on third-party digital advertising companies to showcase ads.   Regrettably, these ads are not consistently reviewed for security, which puts users at risk of being exposed to harmful content.   Malicious individuals are taking advantage of this situation by hiding destructive software within seemingly harmless ads, like advertisements for items, contests, or software downloads. As per the Council, these harmful ads could redirect users to unsafe websites or trigger the automatic installation of malware when clicked on, which could potentially lead to the exposure of sensitive personal and financial information stored on their devices.    The Impact of Malicious Ads Malicious advertisements, also known as "malvertising," are increasingly becoming a significant global issue as hackers discover new methods to spread malware through well-known, reputable websites.   The danger is elevated because users often become complacent while browsing trusted sites, assuming that all content, including advertisements, is secure. Once malware is installed, it can result in various cybersecurity threats, ranging from personal data breaches and identity theft to more serious consequences such as financial fraud or ransomware attacks, where users are locked out of their devices until a ransom is paid. The UAE Cybersecurity Council emphasized the importance of recognizing these risks and taking proactive steps to identify and avoid potential online traps.   The Council highlighted, "Users must realize that even reputable websites can display these fraudulent advertisements.   How to Protect Yourself In light of these growing concerns, the Cybersecurity Council has provided the following recommendations to help UAE residents protect themselves from falling victim to these fake and dangerous ads: 1.      Be wary of unsolicited offers: Always exercise caution when encountering advertisements promoting deals or software that seem too good to be true.   It's best to avoid engaging with products or offers that you did not actively seek out. 2.      Refrain from clicking on ads: If possible, avoid clicking on advertisements completely.   Instead, go directly to the company's website if you're interested in a product or service to verify the legitimacy of the source. 3.      Utilize trusted antivirus software: Install and consistently update reputable antivirus and anti-malware programs on all your devices to identify and block potential threats. 4.      Keep browser and system security up-to-date: Make sure your browser is current with the latest security updates, and enable any ad-blocking features that can stop harmful advertisements from appearing. 5.      Be cautious when downloading: Never download software or files from unreliable sources.   Always verify that the file you're about to download is from a reputable website. 6.      Monitor financial transactions: Regularly review your bank and credit card statements for any unusual activity that could indicate a cyber attack or fraudulent behavior.     Government's Commitment to Cybersecurity The UAE Cybersecurity Council has issued a warning as part of a larger effort to improve the online safety of the nation's people.   The UAE's goal is to maintain a secure digital infrastructure as it grows as a key player in global business and technology. The Council has repeated its commitment to safeguarding individuals, businesses, and organizations from cyber attacks.   Recently, the Council has been running campaigns to raise public awareness and working with local and international partners to create strong cybersecurity strategies.  Vigilance is Key The government of the UAE urges internet users to stay informed and vigilant about advancing cyber threats, especially with the rise in online activities.   It is important for all individuals browsing the internet in the UAE to be cautious, even on websites they trust.   According to the Council, cybercriminals are always discovering new methods to take advantage of digital platforms, with malicious advertising being one of their many tactics.   By adhering to these safety guidelines and staying up-to-date, residents can decrease the likelihood of becoming a target of malvertising and other cyber threats

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