The UAE Central Bank has revoked the licence of UAE-based exchange house Dirham Exchange and struck its name from the register, as the banking regulator continues to crack down on financial misconduct.
It also revoked the registration of Hawala provider RMB Commercial Brokers.
The administrative sanctions followed an appeals procedure in line with laws regulating the combating of money laundering crimes, financing of terrorism and financing of illegal organisations, the Central Bank said on Wednesday.
Sanctions were levied against the two companies after examinations conducted by the Central Bank found “serious regulatory misconduct, including anti-money laundering misconduct and collusion in evading the central bank's instructions to the exchange house not to engage in remittance transactions with certain countries”.
“The findings showed that they had a weak compliance framework and failed to comply with their regulatory obligations and to report regulatory breaches to the CBUAE.”
The UAE has made significant progress in combating money laundering, the financing of terrorism and weapons proliferation over the past few years.
Last month, the UAE announced plans to establish federal prosecution offices dedicated to money laundering and other economic crimes.
The new offices are viewed as a “first step towards investigating and cracking down on economic crimes and money laundering”, state news agency Wam said at the time.
They will deal with corporate crimes, bankruptcy, regulation of competition, financial markets, intellectual property and trademarks, and customs evasion offences.
The Arab world's second-biggest economy has sought to counter the threat posed by economic crimes.
UAE authorities have extradited 899 criminals since 2020, of whom 43 were involved in money laundering. Ten of those were terrorists or were financing terrorist activities.
The UAE has issued fines of more than Dh115 million ($31.3 million) in the first quarter of this year in its fight against money laundering and the financing of terrorism.
Last month, the UAE’s Executive Office of Anti-Money Laundering and Countering the Financing of Terrorism held a workshop with the World Bank to boost its framework against financial crimes.
During the workshop, the UAE authorities discussed, identified and evaluated money laundering and terrorist financing risks to draft effective mitigation policies.
Russia's Muslim Heartlands
Dominic Rubin, Oxford
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
The five pillars of Islam
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
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- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
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- Field operator: Dh5,000 to Dh7,000
The biog
Most memorable achievement: Leading my first city-wide charity campaign in Toronto holds a special place in my heart. It was for Amnesty International’s Stop Violence Against Women program and showed me the power of how communities can come together in the smallest ways to have such wide impact.
Favourite film: Childhood favourite would be Disney’s Jungle Book and classic favourite Gone With The Wind.
Favourite book: To Kill A Mockingbird for a timeless story on justice and courage and Harry Potters for my love of all things magical.
Favourite quote: “We make a living by what we get, but we make a life by what we give.” — Winston Churchill
Favourite food: Dim sum
Favourite place to travel to: Anywhere with natural beauty, wildlife and awe-inspiring sunsets.
