UAE central bank cracks down on Bank Melli Iran, citing violations

The UAE central bank has barred Bank Melli Iran’s local branches from conducting financial transactions to and from Iran.

The regulatory body said its action followed examinations that found breaches of UAE rules and supervisory requirements.

The violations were related to anti-money laundering, terrorism financing and proliferation financing.

The central bank said the measures are aimed at safeguarding the integrity of the UAE financial system and ensuring compliance with international standards.

The move marks the latest crackdown on Iranian-linked businesses and financial activity after months of Iran’s missile and drone strikes against the UAE.
 

UAE mulls relaxing tax residency rules to lure expats back post-war

The UAE is considering action to ease tax residency rules for expats who left amid the Iran conflict.

Authorities may allow residents to spend longer periods abroad without losing their favorable tax status in an effort to encourage their return, The Financial Times reports.

The policy could be especially significant for Dubai, which has attracted high-net-worth individuals with its zero-tax appeal.

The adjustment reflects the UAE’s effort to protect its status as a global hub for mobile wealth and talent, the FT notes.