Central Bank Guidance to UAE Financial Institutions Banking Cash-Intensive Businesses

The Central Bank of the UAE (“CBUAE”) has issued new guidance (the “Guidance”) to UAE financial institutions providing services to cash-intensive businesses. The specific characteristics of cash—anonymity, interchangeability, and transportability—make it an attractive medium for illicit actors seeking to obfuscate the proceeds of crime or the funding of terrorism.  Unlike other monetary instruments, such as …
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Extinction Rebellion is taking to the City. It’s high time the financial district was disrupted.

Support us and go ad-free Extinction Rebellion (XR) is currently protesting across London as it aims to “target the root cause of the climate and ecological crisis – the political economy”. The “Impossible Rebellion” began in Covent Garden on 23 August, and is scheduled to continue for the next two weeks. One of its targets …
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New Central Bank Guidance for UAE Financial Institutions on Suspicious Activity/Transaction Reporting

On June 7, 2021, the UAE Central Bank issued new guidance requiring all UAE financial institutions to file suspicious activity reports (SARs) or suspicious transaction reports (STRs) with the UAE’s Financial Intelligence Unit (FIU) using the goAML portal within 35 calendar days of detection of any conduct that they reasonably suspect may be linked to …
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GB News’s financial backer wants to buy Channel 4

Support us and go ad-free A financial backer of the controversial GB News channel is reportedly considering a bid to buy Channel 4. It could spell disaster for the channel and its output. Moreover, it would represent the continuing creep of modern fascism under the Tories. GB News: courting the Tories GB News already needs …
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Report shows many people are still unable to access financial support to self-isolate

Four in 10 people who needed financial support to self-isolate at the end of 2020 said they had not been able to access it, research suggests. Support lacking Issues included schemes or funding not always being available locally, eligibility criteria being too strict, a lack of awareness about discretionary support, and stigma associated with accessing …
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Financial watchdogs criticise government’s car crash handling of Test and Trace

Financial watchdogs have sharply criticised the government’s handling of the coronavirus (Covid-19) Test and Trace operation and insisted it must do better. Not enough and too few Not enough test results are delivered within 24 hours, and too few contacts of infected people are being reached and told to self-isolate, an interim study by the …
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Science behind covid-19 buried for political and financial gain in state ‘corruption’

The government’s handling of the coronavirus (Covid-19) pandemic is, once again, under fire. It is facing legal action over at least £700m of controversial contracts and has been accused by the executive editor of the British Medical Journal of suppressing science for ‘political and financial gain’. As part of our #FollowTheMoney series, this article looks …
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Tier 3 areas will reach breaking point without extra financial help, says Labour

Labour has warned that parts of England under the most stringent coronavirus (Covid-19) restrictions will be stretched to “breaking point” without the support of a key business grant. Critical situation Shadow chancellor Anneliese Dodds is set to urge her opposite number Rishi Sunak to bring forward additional help and will suggest the government extends its …
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Financial regulator issues warning notice against former government go-to Carillion

The UK’s financial regulatory body has issued a warning notice against Carillion, saying the collapsed engineering giant and relevant directors acted “recklessly”. Non-full disclosure The Financial Conduct Authority (FCA) said announcements made in December 2016 and in March and May 2017 did not accurately or fully disclose the financial performance of the company. The FCA …
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Ransomware Payments can lead to Sanctions and Reporting Obligations for Financial Institutions

With cybercrime on the rise, two U.S. Treasury Department components, the Office of Foreign Assets Control (“OFAC”) and the Financial Crimes Enforcement Network (“FinCEN”), issued advisories on one of the most insidious forms of cyberattack – ransomware. Ransomware is a form of malicious software designed to block access to a system or data.  The targets …
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