DUBAI: The Central Bank of the UAE (CBUAE) has issued a new guidance on anti-money laundering and combating the financing of terrorism for its licensed nstitutions that provide services to the real estate and precious metals and stones sectors.
The guidance, which came into effect on June 20, will assist the understanding and mitigation of risks, the central bank said in a statement carried by the official WAM news agency.
The guidance also takes into account the standards issued by Financial Action Task Force (FATF).
Licensed financial institutions are required to perform appropriate customer due diligence and report any behaviur that they reasonably suspect may be linked to money laundering, financing of terrorism or a criminal offense by submitting suspicious activity reports directly to the UAE’s Financial Intelligence Unit.
“A critical part of CBUAE’s mandate is to ensure that all licensed financial institutions have a deep comprehension of their role in mitigating and addressing the risk of illicit activities in the UAE’s financial system,” said UAE Central Bank Governor Khaled Mohamed Balama.”
Institutions providing services to the real estate and precious metals and stones sectors specifically should assess the associated money laundering and terrorist financing risks and develop an effective program that encompasses a competent compliance officer.
UAE central bank issues new anti-money laundering guidance
https://arab.news/rvu85
UAE central bank issues new anti-money laundering guidance
- The guidance also takes into account the standards issued by Financial Action Task Force (FATF)
Saudi stocks rise above 11,000 as energy shares lead gains
RIYADH: Saudi Exchange’s benchmark Tadawul All Share Index climbed above 11,000 on Sunday, led by energy and materials stocks despite geopolitical uncertainty from ongoing tensions between US-Israel and Iran across the region.
As of 12:30 p.m. Saudi time, the benchmark index had advanced 224.80 points, or 2.09 percent, to 11,001.12. The MSCI Tadawul Index rose 26.96 points, or 1.84 percent, to 1,488.86, while the Kingdom’s parallel market, Nomu, slipped 0.05 percent to 22,485.78.
The gains came as Gulf markets reacted to heightened tensions between the US-Israel alliance and Iran, prompting investors to shift toward sectors more resilient to higher oil prices and supply disruptions.
Saudi Aramco was among the strongest performers, with its share price rising 4.56 percent to SR27.06 as of 12:30 p.m. Saudi time.
Speaking to Arab News, Tony Hallside, CEO of STP Partners, said: “Energy producers and oilfield services typically outperform on higher crude, while the pain concentrates in airlines, shipping, petrochemicals, and any sector with high fuel or logistics intensity.”
Century Financial chief investment officer Vijay Valecha told Arab News that energy companies such as Saudi Aramco could see their share prices rise under current market conditions.
“At the sector level, energy and petrochemical companies are likely to remain relatively resilient due to stronger pricing. In contrast, sectors such as real estate, consumer discretionary, banking, and capital markets would likely see short-term volatility and profit-taking as investors adopt a more cautious stance,” said Valecha.
He added that elevated energy prices could also increase global inflationary pressures and create uncertainty in supply chains, potentially weighing on broader economic activity.
Stock exchanges across the Gulf Cooperation Council also showed signs of recovery on March 6, with the Bahrain Bourse edging up 0.24 percent and the Muscat Stock Exchange gaining 1.44 percent.
The Qatar Stock Exchange, however, declined 0.15 percent.
UAE equities were closed on Sunday due to an official holiday.
On March 6, the Dubai Financial Market index fell for a fifth straight session, down 3.2 percent, or 197.49 points, to 5,917.22. It declined 9.01 percent for the week.
The Abu Dhabi Securities Exchange general index fell for a seventh consecutive session, dropping 1.4 percent, or 141.49 points, to 9,903.36 on March 6.
“UAE equities ended the week lower as the widening conflict involving the US, Israel, and Iran continued to weigh heavily on risk sentiment. Dubai and Abu Dhabi stocks slid further upon reopening on Wednesday, pressured by regional tensions after the two-day break,” Valecha said in a separate statement.
He added: “Banking and property stocks have been the largest drags as investors reassessed and questioned whether the market had priced in too much resilience. The shift in perception followed missile and drone attacks on Dubai over the weekend, which undermined the idea that the city remained insulated from global tensions.”
