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The United Arab Emirates is a high-income developing market economy. The UAE's economy is the 4th largest in the Middle East, with a gross domestic product (GDP) of US$415 billion in 2021-2023.
Dubai is the most populous city in the United Arab Emirates and the capital of the Emirate of Dubai, the most populated of the country's seven emirates. The city has a population of around 3.6 million, more than 90% of which are expatriates.
The Financial Action Task Force (on Money Laundering) ('FATF, aka "Faftee"), also known by its French name, Groupe d'action financière (GAFI), is an intergovernmental organisation founded in 1989 on the initiative of the G7 to develop policies to combat money laundering and to maintain certain interest. In 2001, its mandate was expanded to include terrorism financing.
The Dubai International Financial Centre (DIFC) is a special economic zone in Dubai covering 110 ha, established in 2004 as a financial hub for companies operating throughout the Middle East, Africa, and South Asia (MEASA) markets.
The Dubai Financial Market (DFM) is a stock exchange located in Dubai, United Arab Emirates. It was founded on 26 March 2000.
Nasdaq Dubai is a Dubai-based stock exchange that lists regional and international shares in the Middle East. Through the exchange, regional issuers can access regional and international investment. International issuers can access investment from the region, through a primary or dual listing.
Anti-Money Laundering (AML) refers to a set of policies and practices to ensure that financial institutions and other regulated entities prevent, detect, and report financial crime and especially money laundering activities. Anti-Money Laundering is often paired with the action against terrorism financing, or Combating the Financing of Terrorism, using the acronym AML-CFT. In addition arrangements intended to ensure that banks and other relevant firms duly report suspicious transactions, the AML policy framework includes financial intelligence units and relevant law enforcement operations.
Human Rights in the United Arab Emirates (UAE) are substantially restricted. The UAE does not have democratically elected institutions and citizens don't have the right to change their government or form political parties. Activists and academics who criticize the government are detained and imprisoned, and their families are often harassed by the state security apparatus. There are reports of forced disappearances of foreign nationals and Emirati citizens, who have been abducted, detained and tortured in undisclosed locations, and denied the right to a speedy trial and access to counsel during investigations by the UAE government. Human Rights Watch states that Emirati laws maintain capital punishment and discriminate against women, migrants and LGBT individuals.
In domestic and international commercial law, a beneficial owner is a natural person or persons who ultimately owns or controls an interest in a legal entity or arrangement, such as a company, a trust, or a foundation. Legal owners, commonly described as the "registered owners", may hold those interests as beneficial owners or for the benefit of someone else, in which case they may be described as a "nominee".
Emirates Integrated Telecommunications Company P.J.S.C., commercially rebranded as du (دو) in February 2007, is one of the two main telecom operators in the United Arab Emirates. du offers fixed line, mobile telephony, internet and digital television services across the UAE. It also provides carrier services, a data hub, internet exchange facilities and satellite service for broadcasters. It expanded its services in support of economic and social transformation of UAE and operates subsidiaries such as EITC Investment Holdings Limited, Edara, Smart Dubai Platform Project Company LLC and EITC Singapore PTE. LTD.
The Dubai Mercantile Exchange (DME) is a commodity exchange based in Dubai currently listing its flagship futures contract, DME Oman Crude Oil Futures Contract (OQD). Launched in 2007, the DME aims to become the crude oil pricing benchmark for the Asian market with its Oman Crude Oil contract, like the Intercontinental Exchange’s (ICE) North Sea Brent is to Europe and the New York Mercantile Exchange’s (NYMEX) West Texas Intermediate is to North America.
The DIFC Courts are an independent English language common law judiciary, based in the Dubai International Financial Centre (DIFC) with jurisdiction governing civil and commercial disputes nationally, regionally and worldwide. The Courts began operations in 2006.
FundedByMe is a crowdfunding platform based in Stockholm, Sweden started by Daniel Daboczy, Arno Smit and Eric Weber. The company is active in Scandinavia with joint ventures in Finland, Poland, Malaysia, The Netherlands, Singapore and The United Arab Emirates. FundedByMe's native language is English, but users can list their project in any supported language. The company was founded in March 2011 by Arno Smit and Daniel Daboczy. In September 2012, the company decided to focus their core business on equity crowdfunding instead of its original approach with donation and loan based crowdfunding portal.
The Dubai Gold & Commodities Exchange (DGCX) is a financial and commodity derivatives exchange located in Dubai, the United Arab Emirates. DGCX commenced trading in November 2005 as the first derivatives exchange in the Middle East and North Africa (MENA) region. The Exchange is owned by the Dubai Multi Commodities Centre (DMCC).
Bank of Singapore is the private banking arm and a wholly owned subsidiary of Oversea-Chinese Banking Corporation (OCBC), Southeast Asia’s second largest bank.
The Securities and Commodities Authority (SCA) is a federal financial regulatory agency in the United Arab Emirates. It was established based on Federal Decree No. (4) of 2000 by then-president of the UAE, Khalifa Bin Zayed Al Nahyan and it's amendments issued in Federal Law 25 of 2006, amending the former law.
The judicial system of the United Arab Emirates is divided into federal courts and local courts. The federal justice system is defined in the Constitution of the United Arab Emirates, with the Federal Supreme Court based at Abu Dhabi. As of 2023, only the emirates of Abu Dhabi, Dubai and Ras Al Khaimah have local court systems, while all other emirates use the federal court system for all legal proceedings.
Citibank National Association, United Arab Emirates commonly known as Citibank U.A.E., is a franchise subsidiary of Citigroup, a multinational financial services corporation headquartered in New York City, United States. Citi U.A.E. is connected by a network spanning 98 markets across the world. The phone support call center for Citibank U.A.E. retail banking clients is based at Citibank Bahrain.
HDFC International Life and Re Company Limited is a first life reinsurance company based in the Dubai International Financial Centre (DIFC), UAE.
References
- ↑ "About us". DFSA. Archived from the original on July 27, 2008. Retrieved August 8, 2014.
- ↑ "DFSA alerts about misuse of its name". Emirates24/7. July 21, 2014. Archived from the original on August 10, 2014. Retrieved August 8, 2014.
- ↑ "Deutsche Bank whistleblower hits back at regulator". BBC News . 2019-12-23. Archived from the original on 2019-12-23. Retrieved 2019-12-23.
- ↑ Ball, Frances (October 29, 2019). "Whistleblower sues EY over Dubai money laundering scandal". Economia. Institute of Chartered Accountants in England and Wales. Archived from the original on December 20, 2019. Retrieved December 23, 2019.
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