Central Bank of UAE issues guidances for financial institutions on anti-money laundering and combatting financing of terrorism | Banking – Gulf News
The Central Bank of the UAE (CBUAE) issued two new guidances on anti-money laundering and combatting the financing of terrorism (AML/CFT) for its licensed financial institutions (LFIs) on suspicious transaction reporting and legal persons/arrangements.
The guidances will assist the understanding and mitigation of risks as well as the effective performance by the LFIs of their AML/CFT statutory obligations. The new guidances build on Federal Decree-Law No. (20) of 2018 on AML/CFT and the Cabinet Decision No. (10) of 2019 and take account of the standards and guidance issued by the Financial Action Task Force.
LFIs must report any behavior that they reasonably suspect may be linked to money laundering, the financing of terrorism, or a criminal offence by submitting suspicious activity reports directly to the UAE’s Financial Intelligence Unit using the “goAML” portal. They should file suspicious activity reports within a maximum of 35 days from detection. LFIs providing services to legal persons/arrangements should assess the relevant money laundering and terrorist financing risks and develop an effective AML/CFT programme. These can include companies, foundations, associations, trusts or other similar arrangements.
“The UAE continues its journey in combating money laundering and the financing of terrorism and illegal organisations. In line with the CBUAE’s mandate of supervision and oversight to ensure compliance with provisions of AML/CFT legislation, the issuance of these guidances is aimed at strengthening our efforts to enhance the LFIs’ effectiveness in implementing crime-combatting measures,” said Khaled Mohamed Balama, Governor of the Central Bank of the UAE.
Jointly with the Financial Intelligence Unit, the CBUAE conducts outreach and awareness-raising efforts on the reporting of suspicious transactions for supervised sectors.
Saturday, 12 June 2021
Iraq Sees Oil Prices at $68 to $75 a Barrel in 2nd Half - Bloomberg
Iraq Sees Oil Prices at $68 to $75 a Barrel in 2nd Half - Bloomberg
Iraq, OPEC’s second-biggest oil producer, said crude prices will be in the range of $68 to $75 a barrel in the second half.
The price range is expected because of a commitment to OPEC+ output cut, Iraq’s Oil Minister Ihsan Abdul Jabbar told reporters at the Baghdad International Book Fair.
The Organization of Petroleum Exporting Countries had predicted earlier in the week that the recovery in global oil demand will gather strength in the second half of the year, as the group prepares to consider reviving more halted output. Oil consumption will jump by about 5 million barrels a day -- or roughly 5% -- in the second half of 2021 versus the first as the world emerges from the pandemic slump, it added.
OPEC and its partners have restored almost 40% of the production they shuttered when the coronavirus crushed demand a year ago, and will gather on July 1 to consider reviving the remainder.
Iraq said in May it’s considering buying Exxon Mobil Corp.’s stake in one of the world’s biggest fields. When asked about Exxon’s status, he said it hasn’t yet withdrew from West Qurna-1 field as the country is still studying the alternative.
Iraq, OPEC’s second-biggest oil producer, said crude prices will be in the range of $68 to $75 a barrel in the second half.
The price range is expected because of a commitment to OPEC+ output cut, Iraq’s Oil Minister Ihsan Abdul Jabbar told reporters at the Baghdad International Book Fair.
The Organization of Petroleum Exporting Countries had predicted earlier in the week that the recovery in global oil demand will gather strength in the second half of the year, as the group prepares to consider reviving more halted output. Oil consumption will jump by about 5 million barrels a day -- or roughly 5% -- in the second half of 2021 versus the first as the world emerges from the pandemic slump, it added.
OPEC and its partners have restored almost 40% of the production they shuttered when the coronavirus crushed demand a year ago, and will gather on July 1 to consider reviving the remainder.
Iraq said in May it’s considering buying Exxon Mobil Corp.’s stake in one of the world’s biggest fields. When asked about Exxon’s status, he said it hasn’t yet withdrew from West Qurna-1 field as the country is still studying the alternative.
#Saudi Aramco raises $6 billion with debut sukuk | Reuters
Saudi Aramco raises $6 billion with debut sukuk | Reuters
Saudi Arabian oil giant Aramco (2222.SE) locked in another $6 billion on Wednesday to help fund a large dividend as it returned to the international debt markets with its first U.S. dollar-denominated sukuk sale, a document showed.
The debt issuance, which will help fund a $75 billion dividend commitment that will mostly go to the government, comprises tranches of three, five and 10 years, a document from one of the banks arranging the deal and seen by Reuters showed.
Aramco sold $1 billion in the three-year tranche at 65 basis points (bps) over U.S. Treasuries (UST), $2 billion in the five-year portion at 85 bps over UST and $3 billion in 10-year paper at 120 bps over UST.
Initial price guidance was around 105 bps over UST for the three-year bonds, around 125 bps over UST for the five-year notes and around 160 bps over UST for the 10-year tranche.
The spreads were tightened after the deal attracted combined orders of more than $60 billion.
Aramco last year maintained its promised $75 billion annual dividend to shareholders despite lower oil prices, and is expected to shoulder significant domestic investments in Saudi Arabia's plans to transform the economy.
Moody's assigned Aramco's sukuk issuance programme an A1 rating with a negative outlook, in line with the negative outlook on existing Aramco ratings and tracking a change in Saudi Arabia's sovereign outlook to negative in May last year.
"The company has displayed a strong commitment to pay $75 billion in annual dividends, which in Moody's view is not sustainable should oil prices fall and remain significantly below $60/bbl," Moody's said.
"Interlinkages between Saudi Arabia and the company imply that any change in rating outlook on the government of Saudi Arabia would be mirrored on Saudi Aramco's rating outlook."
The company chose to issue Islamic bonds over conventional ones due to high demand for the instrument as a result of the low number of dollar sukuk sales in the Gulf this year, a source told Reuters on Monday.
Aramco has been widely expected to become a regular bond issuer after its debut $12 billion issuance in 2019 was followed by an $8 billion, five-part transaction in November last year, also used to fund its dividend.
A source had told Reuters that Aramco was expected to raise up to $5 billion with the deal, which had 29 active and passive bookrunners working on it.
Active bookrunners on the deal included Citi (C.N), HSBC (HSBA.L), JPMorgan (JPM.N), NCB Capital (1180.SE) and Standard Chartered Bank (STAN.L). Passive bookrunners included BOC International (601696.SS) and Dubai Islamic Bank (DISB.DU).
Saudi Arabian oil giant Aramco (2222.SE) locked in another $6 billion on Wednesday to help fund a large dividend as it returned to the international debt markets with its first U.S. dollar-denominated sukuk sale, a document showed.
The debt issuance, which will help fund a $75 billion dividend commitment that will mostly go to the government, comprises tranches of three, five and 10 years, a document from one of the banks arranging the deal and seen by Reuters showed.
Aramco sold $1 billion in the three-year tranche at 65 basis points (bps) over U.S. Treasuries (UST), $2 billion in the five-year portion at 85 bps over UST and $3 billion in 10-year paper at 120 bps over UST.
Initial price guidance was around 105 bps over UST for the three-year bonds, around 125 bps over UST for the five-year notes and around 160 bps over UST for the 10-year tranche.
The spreads were tightened after the deal attracted combined orders of more than $60 billion.
Aramco last year maintained its promised $75 billion annual dividend to shareholders despite lower oil prices, and is expected to shoulder significant domestic investments in Saudi Arabia's plans to transform the economy.
Moody's assigned Aramco's sukuk issuance programme an A1 rating with a negative outlook, in line with the negative outlook on existing Aramco ratings and tracking a change in Saudi Arabia's sovereign outlook to negative in May last year.
"The company has displayed a strong commitment to pay $75 billion in annual dividends, which in Moody's view is not sustainable should oil prices fall and remain significantly below $60/bbl," Moody's said.
"Interlinkages between Saudi Arabia and the company imply that any change in rating outlook on the government of Saudi Arabia would be mirrored on Saudi Aramco's rating outlook."
The company chose to issue Islamic bonds over conventional ones due to high demand for the instrument as a result of the low number of dollar sukuk sales in the Gulf this year, a source told Reuters on Monday.
Aramco has been widely expected to become a regular bond issuer after its debut $12 billion issuance in 2019 was followed by an $8 billion, five-part transaction in November last year, also used to fund its dividend.
A source had told Reuters that Aramco was expected to raise up to $5 billion with the deal, which had 29 active and passive bookrunners working on it.
Active bookrunners on the deal included Citi (C.N), HSBC (HSBA.L), JPMorgan (JPM.N), NCB Capital (1180.SE) and Standard Chartered Bank (STAN.L). Passive bookrunners included BOC International (601696.SS) and Dubai Islamic Bank (DISB.DU).
#Dubai Aerospace Enterprise hires banks for second dollar bond sale of 2021 | ZAWYA MENA Edition
Dubai Aerospace Enterprise hires banks for second dollar bond sale of 2021 | ZAWYA MENA Edition
Dubai Aerospace Enterprise (DAE), one of the world's biggest aircraft leasing companies, has hired a group of banks to arrange fixed income investor calls before a planned issuance of U.S. dollar-denominated bonds, a document showed on Friday.
DAE, owned by the Dubai government's main investment arm the Investment Corporation of Dubai, hired BNP Paribas, Credit Agricole, Emirates NBD Capital, JPMorgan and Trust Securities, the document from one of the banks showed.
A benchmark issuance of unspecified tenor will follow, subject to market conditions. DAE raised $1.25 billion in a dual-tranche bond deal in January.
Dubai Aerospace Enterprise (DAE), one of the world's biggest aircraft leasing companies, has hired a group of banks to arrange fixed income investor calls before a planned issuance of U.S. dollar-denominated bonds, a document showed on Friday.
DAE, owned by the Dubai government's main investment arm the Investment Corporation of Dubai, hired BNP Paribas, Credit Agricole, Emirates NBD Capital, JPMorgan and Trust Securities, the document from one of the banks showed.
A benchmark issuance of unspecified tenor will follow, subject to market conditions. DAE raised $1.25 billion in a dual-tranche bond deal in January.
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