The UAE is to hold high-level talks with the European Union in support of an international effort to tackle money laundering and other financial crimes.
Hamid Al Zaabi, secretary general and vice chairman of the UAE National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee, said the country had already held discussions with the US and France on a global strategy to fight financial crime that covers drugs and fraud-related cases with strict prevention measures.
He said international co-operation was vital and emphasised the UAE’s commitment to be part of the drive for global financial and economic stability. Further meetings with the EU and other nations are planned to strengthen collaboration, state news agency Wam reported.
“Through comprehensive preventive measures the UAE continues to foster a stable and secure economic environment for all,” Mr Al Zaabi said.
Anti-money laundering message
Mr Al Zaabi said private sector and financial institutions were important partners in the UAE's clamp down on financial crime.
More than 8,000 questionnaires have been submitted to the UAE's national anti-money laundering body by companies as part of a major risk-assessment strategy.
As vice chair of the Middle East and North Africa Financial Action Task Force this year, he said the UAE plays a key role in hosting training workshops, offering technical support and sharing expertise with countries in the region. The UAE’s efforts to work across the region to spread information would improve the readiness of neighbouring countries during evaluation and assessment by the task force.
In September, the UAE introduced a nationwide action plan to combat terrorism financing and money laundering.
“This ongoing effort strengthens the country's ability to adapt to future financial challenges.” said Mr Al Zaabi.
The 2024-2027 National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism, and Proliferation Financing includes 11 primary objectives, 50 sub-goals and more than 250 initiatives aimed at achieving its targets by 2027.
The project was developed by the General Secretariat of the National Committee, using World Bank Group methodology to ensure it meets international standards. "The strategy goes beyond legal aspects, encompassing economic, security and media dimensions, as well as capacity-building efforts." said Mr Al Zaabi.
Taking action
The Federal Supreme Court approved the extradition of French citizen Mehdi Charafa to France this month on charges of drug trafficking and money laundering.
The decision came after a request from French authorities and after the defendant had exhausted all legal procedures, Wam reported.
The UAE has made significant strides in the fight against financial crime. In August, the government amended its laws on anti-money laundering, and the financing of terrorism and illegal organisations.
These changes aim to strengthen efforts against financial crime while ensuring the country’s technical compliance with international treaties and recommendations.
As a result, the National Committee for Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations was established.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Results
5pm: Wadi Nagab – Maiden (PA) Dh80,000 (Turf) 1,200m; Winner: Al Falaq, Antonio Fresu (jockey), Ahmed Al Shemaili (trainer)
5.30pm: Wadi Sidr – Handicap (PA) Dh80,000 (T) 1,200m; Winner: AF Majalis, Tadhg O’Shea, Ernst Oertel
6pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Fakhama, Fernando Jara, Mohamed Daggash
6.30pm: Wadi Shees – Handicap (PA) Dh80,000 (T) 2,200m; Winner: Mutaqadim, Antonio Fresu, Ibrahim Al Hadhrami
7pm: Arabian Triple Crown Round-1 – Listed (PA) Dh230,000 (T) 1,600m; Winner: Bahar Muscat, Antonio Fresu, Ibrahim Al Hadhrami
7.30pm: Wadi Tayyibah – Maiden (TB) Dh80,000 (T) 1,600m; Winner: Poster Paint, Patrick Cosgrave, Bhupat Seemar
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Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
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
2.0
Director: S Shankar
Producer: Lyca Productions; presented by Dharma Films
Cast: Rajnikanth, Akshay Kumar, Amy Jackson, Sudhanshu Pandey
Rating: 3.5/5 stars
Four motivational quotes from Alicia's Dubai talk
“The only thing we need is to know that we have faith. Faith and hope in our own dreams. The belief that, when we keep going we’re going to find our way. That’s all we got.”
“Sometimes we try so hard to keep things inside. We try so hard to pretend it’s not really bothering us. In some ways, that hurts us more. You don’t realise how dishonest you are with yourself sometimes, but I realised that if I spoke it, I could let it go.”
“One good thing is to know you’re not the only one going through it. You’re not the only one trying to find your way, trying to find yourself, trying to find amazing energy, trying to find a light. Show all of yourself. Show every nuance. All of your magic. All of your colours. Be true to that. You can be unafraid.”
“It’s time to stop holding back. It’s time to do it on your terms. It’s time to shine in the most unbelievable way. It’s time to let go of negativity and find your tribe, find those people that lift you up, because everybody else is just in your way.”
Three ways to boost your credit score
Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:
1. Make sure you make your payments on time;
2. Limit the number of products you borrow on: the more loans and credit cards you have, the more it will affect your credit score;
3. Don't max out all your debts: how much you maximise those credit facilities will have an impact. If you have five credit cards and utilise 90 per cent of that credit, it will negatively affect your score.
