Morvarid

Setting Up a Business in DMCC

Business Strategy Advisory / By Morvarid

Globalisation is characterised by the free movement of capital across countries. But why does capital need to move? It is almost like capital has a mind of its own. It tries to find opportunities where it can achieve the highest returns, which often means moving across borders to areas where resources are more abundant, labour is more cost-effective, or markets are expanding rapidly. This movement allows for more efficient allocation of resources, increased…

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Closing the loop Action through circular economy

Closing the Loop: Climate Action through Circular Economy

Responsible Business Sourcing / By Morvarid

“The code of our humanity is faithful service to that unwritten commandment that says we shall give our children better than we ourselves received.”

Aaron Sorkin, The West Wing

Is our fidelity to this “unwritten commandment” simply a moral choice, or does some fundamental existential truth lie there? How do we, as a species, balance our desire to grow with the threat of depleting resources and global climate change? The answer to this is the essence of sustainable development: fulfilling our needs without compromising the ability of future generations to meet theirs.

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Suspension of 32 Gold Refineries in the UAE: Important Lessons for the Dealers in Precious Metals and Stones (DPMS)

Governance, Risk, & Compliance / By Morvarid

Crimes can impact organisations in unexpected ways. For businesses that deal with precious metals, such as gold, which is extremely vulnerable to money laundering and other heinous crimes, the risks they face are even higher. What if a company purchases gold that has been traded by paying bribes to armed militias, who then use the funds to displace indigenous tribes from their habitats? Or what if a customer purchases a gold product from a retail trader using the proceeds of drug trafficking? Even if a company is completely unaware of these connections, can it truly distance itself from the responsibility of the impact of its operations?

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The Significance of Sanctions Lists for AML Compliance in the UAE

Governance, Risk, & Compliance / By Morvarid

The Cambridge Dictionary defines a sanction as “a strong action taken in order to make people obey a law or rule, or a punishment given when they do not obey.” In the context of international law, sanctions are designed to address significant threats to peace and security. According to the Association of Certified Anti-Money Laundering Specialists (ACAMS), an organisation that provides training and certification and disseminates information on the detection and prevention of money laundering, described sanctions as punitive or restrictive actions taken by individual countries, regimes and coalitions to provoke a change of behaviour or policy.

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AML Compliance in Dubai Real Estate

Governance, Risk, & Compliance / By Morvarid

The UAE is one of the wealthiest countries in the world. In terms of GDP PPP (Purchasing Power Parity) per capita, the UAE ranked 6th globally in 2022. PPP measures the relative value of currencies by comparing the cost of a fixed basket of goods and services in different countries. It, therefore, provides a consistent and accurate comparison of GDP, cost of living, and other quality-of-life measures between countries. In 2022, the UAE’s…

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UAE Free Zone Companies: Who Can Enjoy the Zero Corporate Tax Regime?

Tax, Accounting & Auditing / By Morvarid

To maintain the appeal of business-friendly free zones to investors worldwide, the UAE has adopted a host of significant policy initiatives, including implementing a 0% corporate tax for free zone companies that meet certain requirements. In this blog, we will explore these free zone companies and the conditions that they must fulfil to enjoy the zero corporate tax regime under the UAE’s Corporate Tax Law.

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What is Integration in Money Laundering?

Governance, Risk, & Compliance / By Morvarid

Money laundering is exactly what the name suggests—it is a process to make dirty money appear clean.

The story goes that in the 1920s, Al Capone, a Chicago-based gangster, used cash-intensive laundromat businesses to disguise his money generated from criminal activities. This practise allegedly gave rise to the term “money laundering.” However, an article published in Mental Floss suggests that the whole story might be a myth. It explains that in the early 1900s, a lot of cash sent to the government for destruction was simply dirty. Since cleaning the notes was substantially less expensive than printing new ones, the government used specially designed machines to wash them and send them back into circulation. Thus, money laundering was literally associated with cleaning dirty money.

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Business Structuring in the UAE

Business Strategy Advisory / By Morvarid

The economic aspirations of a country depend on how well it prepares the ground for its long-term value creation, and the UAE has dominated this story in the last couple of decades. Between 2000 and 2022, the GDP of the UAE has grown by almost 500%. This is an extraordinary achievement that highlights the UAE’s forward-looking economic policies. However, the UAE’s growth story is not simply a matter of historical data. Its true potential will be unleashed in the coming years and decades.

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Carbon Offsets: Risks and Mitigations

Responsible Business Sourcing / By Morvarid

The clarion call was made during the 2015 Paris Agreement that decarbonisation is no longer a matter of choice but a global imperative! We explore the risks and mitigations of carbon offset projects to help companies achieve net zero targets without jeopardising their reputation.

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The UAE’s New Ministerial Decree No. (68) of 2024 on Responsible Sourcing of Gold

Responsible Business Sourcing / By Morvarid

In this blog, we will delve into this Decree and understand how following strict due diligence measures can help various entities operating in the UAE assess and mitigate risks associated with the sourcing of gold. We will also explore what relevant entities in the supply chain and precious metals dealers, that fall under the ambit of this new law, should do to stay compliant and avoid administrative penalties in the process.

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