The law firms failed to appoint a compliance officer and failed to maintain the relevant information on AML and KYC.
The Ministry of Justice said the penalties also included fines ranging from Dh50,000 to Dh5 million. It called on law firms to take measures necessary to ensure anti-money laundering obligations are fulfilled.
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The survey shows that 30% of UAE companies plan to cut their workforce and 10% plan to reduce salaries, however companies overall did report an increase in productivity because of employees working from home.
Covering over 500 companies in the UAE, the survey results revealed an actual annual salary increase of 3.8% across the general market, although with 19.4% of organisations indicating they froze salaries in 2020.
Companies continued adapting to the new normal with 55% of them anticipating keeping flexible working arrangements once the pandemic is over, and many employees have been offered home subsidies for remote workers such as online learning, covering the cost of office set up and furniture, mobile phones and more.
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Last month the UAE and Israel began the process of normalising ties by signing the Abraham Accords at the White House. This flight is the latest development in growing ties between the two nations.
Etihad is describing the flight as a “travel-trade mission” as the aircraft will carry travel and tourism leaders, cargo agents and the media to experience Abu Dhabi and the wider UAE.
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The existing G2 eDirham cards will not be valid after 31 October 2020. The new eDirham cards will integrate better with Federal Tax Authority services.
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Abu Dhabi government institutional investors are paying $2.1 billion for a stake in a natural gas pipelines unit run by Abu Dhabi National Oil Co.
Abu Dhabi Pension Fund and holding company ADQ will take an indirect stake in the pipelines unit Adnoc set up earlier this year, the oil and gas company said in a statement. Adnoc is doing the transaction at the same price as a deal in June, when it agreed to sell a stake in the gas pipelines business to international investors and valued the business at $20.7 billion.
The deal enables local government funds to earn returns on infrastructure assets alongside global money managers.
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This project, visited by His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Member of the Abu Dhabi Executive Council and Chairman of the Abu Dhabi Executive Office, is scheduled for completion end of 2022.
The next generation marine life theme park will be Yas Island's next mega attraction, complementing Miral's growing portfolio and enhancing the existing offerings on the Island, further positioning it as one of the top global destinations.
Sea World Abu Dhabi will bring the next generation of marine life theme parks and be home to the UAE’s first dedicated marine research, rescue, rehabilitation and world class facilities to support global conservation efforts.
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A new virtual work programme has been announced for expats to be able to move to Dubai with their families on a yearly visa and work remotely from their home country.
The visa programme costs around AED 1,000 plus UAE medical insurance and processing fees.
The requirements are listed below:
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Oman has issued a decree to start levying a 5 per cent value-added tax (VAT) in six months' time, state-run Oman TV said on Monday. The tax will be on most goods and services, though with some exceptions, according to a video presentation shown on Oman TV.
All six Gulf Arab states agreed to introduce 5 per cent VAT in 2018. Saudi Arabia, the UAE and Bahrain have already introduced the tax, with Riyadh tripling it this year. Oman, Kuwait and Qatar have not yet introduced the tax.
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UAE based sustainable and smart transportation company ION announced that the electronic autonomous shuttles will start operating in Abu Dhabi & Dubai after a successful trial at the University of Sharjah, the world’s largest integrated education district.
The Navya Autonom vehicles already has seven shuttles deployed in Masdar City and two in Sharjah, more are planned for different sites in Abu Dhabi and Dubai.
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