Category: UAE

UAE: Petrofac banned from bidding on Public Contracts

Petrofac has been banned from competing for new contracts in the United Arab Emirates months after a former executive pleaded guilty to bribery in the U.K. over past work in the UAE.

Former Geneva Minister found guilty of accepting undue advantage from Abu Dhabi

So the verdict is in: being invited by a Sheikh to watch the F1 race will land you in hot waters in Switzerland. A former Geneva minister has been found guilty of accepting an undue benefit linked to his luxury trip to Abu Dhabi.

Bank of Baroda fined $1.8M by UAE Central Bank for AML failures

In an interesting move, the UAE Central Bank has imposed a sanction of AED 6,833,333.00 (amounting to $1,860,676 approx.) on Bank of Baroda, GCC Operations, Dubai for violating anti-money laundering laws.

Deutsche Bank fined over $130M to Resolve Bribery and Fraud Violations

Deutsche Bank has agreed to pay US authorities nearly $130M and entered into a DPA to resolve allegations that it breached bribery and fraud laws. A network of consultants in the UAE and Saudi Arabia were used to funnel bribes to clients. Commodities trading… Continue Reading “Deutsche Bank fined over $130M to Resolve Bribery and Fraud Violations”

UAE AML: 9 jailed, fined millions over $83.37m money laundering case

And action! The Emirate of Abu Dhabi seems to be finally leading the way in the UAE with a renewed commitment to money laundering enforcement.