Latest news with #financialintegrity
Irish Times
11 hours ago
- Business
- Irish Times
The Irish Times Business Person of the Month: Derville Rowland, Amla
Derville Rowland , a former deputy governor of the Central Bank of Ireland, has been chosen as The Irish Times Businessperson of the Month for May, an award run in association with Bank of Ireland . The Irish woman was appointed during the month to the plum role of executive board member of the European Union's (EU) newly-established Anti-Money Laundering Authority (Amla), based in Frankfurt. Amla will co-ordinate national authorities to supervise the application of legislation on anti-money laundering and the countering of financing of terrorism. First conceived in 2021, the new agency effectively starts its work this summer, by consulting on implementing rules and appointing an executive director. READ MORE It expects to have a staff of 80 by the end of this year before gradually ramping up its activities in 2026. Its staff numbers are expected to increase to 430 by the end of 2027 and it will be fully operational and begin its direct supervision work in January 2028. As noted by Central Bank of Ireland governor Gabriel Makhlouf, Amla's 'mission is critical to the integrity of the EU's financial system'. He said Rowland's appointment reflected her 'significant contribution to the Central Bank's public service mission over the last 20 years'. In reacting to her appointment, Rowland said she was 'acutely conscious of the urgency of Amla's task to make our financial system cleaner, our economy more resilient' by ensuring that 'money laundering and terrorist financing are systematically combatted'. A barrister by profession, Rowland spent 21 years with the Central Bank before moving to Amla.
Khaleej Times
3 days ago
- Business
- Khaleej Times
UAE Central Bank imposes Dh10 million fine on Sundus Exchange, cancels licence
The Central Bank of the UAE (CBUAE) has revoked the licence of Sundus Exchange and removed its name from the official register of licensed exchange houses in the country. In addition to the revocation, a financial sanction of Dh10 million has been imposed on the firm. This regulatory action comes as per Article (14) of the Federal Decree Law No. (20) of 2018 concerning Anti-Money Laundering (AML) and Combating the Financing of Terrorism and Illegal Organisations, along with its subsequent amendments. The CBUAE's decision followed investigations that uncovered significant failures and violations of the applicable AML regulations and compliance requirements. The examinations found that Sundus Exchange had not adhered to the frameworks and guidelines designed to prevent money laundering and the financing of terrorism, prompting the CBUAE to act in order to preserve the integrity of the UAE's financial system. The CBUAE, through its supervisory and regulatory mandates, reaffirmed its commitment to ensuring that all licensed exchange houses, their owners, and staff fully comply with UAE laws and the regulatory standards established by the Central Bank. This oversight is part of the broader effort to maintain transparency in financial transactions and safeguard the country's financial infrastructure from illicit activities.
Emirates 24/7
21-05-2025
- Business
- Emirates 24/7
Maktoum bin Mohammed issues decision to protect public employees who report financial or administrative violations
In his capacity as Chairman of the Financial Audit Authority, His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE, has issued Decision No. (2) of 2025 regarding the protection of public employees who report or disclose information related to financial or administrative violations, or who cooperate with the Financial Audit Authority in Dubai. The Decision is issued pursuant to Law No. (4) of 2018 on the establishment of the Financial Audit Authority and its amendments, and applies to employees of entities overseen by the Authority. The Decision aims to safeguard public funds and uphold the financial and economic integrity of the Emirate. It enables employees to report financial and administrative violations, as defined by Law, and to provide testimony during investigations conducted by the Financial Audit Authority in Dubai, without being subject to any form of pressure. The measure supports the effective detection and disclosure of such violations. The Decision also aims to safeguard the employment status of whistleblowers who submit reports or provide testimony during administrative investigations conducted by the Authority. It defines the procedures and conditions for requesting protection and establishes the legal and procedural frameworks necessary to encourage employees to report violations within entities under the Authority's oversight. The provisions of the Decision apply to employees of entities under the Financial Audit Authority in Dubai whose reports or statements regarding violations are accepted by the Authority in accordance with the Law No. (4) of 2018. They also extend to employees requested to provide testimony during administrative investigations related to such violations. Under the Decision, all reports submitted to the Authority are treated with strict confidentiality. Employees of the Financial Audit Authority in Dubai are strictly prohibited from disclosing, sharing, or revealing any data or information contained in these reports under any circumstances. Investigators tasked with conducting administrative investigations must possess the necessary expertise relevant to the nature and procedures of such cases. They are also required to fully uphold the principle of confidentiality to ensure that whistleblowers are not exposed to any harm. The Director General of the Financial Audit Authority in Dubai will issue the required decisions to implement this Decision. The Decision is effective from the date of its issuance and will be published in the Official Gazette. Follow Emirates 24|7 on Google News.
Arabian Business
20-05-2025
- Business
- Arabian Business
Dubai introduces new law to protect financial whistleblowers
Dubai has introduced new rules to protect the identity and protections for financial whistleblowers in the emirate. In his capacity as Chairman of the Financial Audit Authority, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, has issued Decision No. (2) of 2025 regarding the protection of public employees who report or disclose information related to financial or administrative violations, or who cooperate with the Financial Audit Authority in Dubai. The Decision is issued pursuant to Law No. (4) of 2018 on the establishment of the Financial Audit Authority and its amendments, and applies to employees of entities overseen by the Authority. Dubai financial whistleblowers The Decision aims to safeguard public funds and uphold the financial and economic integrity of the Emirate. It enables employees to report financial and administrative violations, as defined by Law, and to provide testimony during investigations conducted by the Financial Audit Authority in Dubai, without being subject to any form of pressure. The measure supports the effective detection and disclosure of such violations. The Decision also aims to safeguard the employment status of whistleblowers who submit reports or provide testimony during administrative investigations conducted by the Authority. It defines the procedures and conditions for requesting protection and establishes the legal and procedural frameworks necessary to encourage employees to report violations within entities under the Authority's oversight. The provisions of the Decision apply to employees of entities under the Financial Audit Authority in Dubai whose reports or statements regarding violations are accepted by the Authority in accordance with the Law No. (4) of 2018. They also extend to employees requested to provide testimony during administrative investigations related to such violations. Under the Decision, all reports submitted to the Authority are treated with strict confidentiality. Employees of the Financial Audit Authority in Dubai are strictly prohibited from disclosing, sharing, or revealing any data or information contained in these reports under any circumstances. Investigators tasked with conducting administrative investigations must possess the necessary expertise relevant to the nature and procedures of such cases. They are also required to fully uphold the principle of confidentiality to ensure that whistleblowers are not exposed to any harm. The Director-General of the Financial Audit Authority in Dubai will issue the required decisions to implement this Decision.
Zawya
20-05-2025
- Business
- Zawya
Dubai: New decision to protect public employees who report financial or administrative violations
In his capacity as Chairman of the Financial Audit Authority, H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, has issued Decision No. (2) of 2025 regarding the protection of public employees who report or disclose information related to financial or administrative violations, or who cooperate with the Financial Audit Authority in Dubai. The Decision is issued pursuant to Law No. (4) of 2018 on the establishment of the Financial Audit Authority and its amendments, and applies to employees of entities overseen by the Authority. The Decision aims to safeguard public funds and uphold the financial and economic integrity of the Emirate. It enables employees to report financial and administrative violations, as defined by Law, and to provide testimony during investigations conducted by the Financial Audit Authority in Dubai, without being subject to any form of pressure. The measure supports the effective detection and disclosure of such violations. The Decision also aims to safeguard the employment status of whistleblowers who submit reports or provide testimony during administrative investigations conducted by the Authority. It defines the procedures and conditions for requesting protection and establishes the legal and procedural frameworks necessary to encourage employees to report violations within entities under the Authority's oversight. The provisions of the Decision apply to employees of entities under the Financial Audit Authority in Dubai whose reports or statements regarding violations are accepted by the Authority in accordance with the Law No. (4) of 2018. They also extend to employees requested to provide testimony during administrative investigations related to such violations. Under the Decision, all reports submitted to the Authority are treated with strict confidentiality. Employees of the Financial Audit Authority in Dubai are strictly prohibited from disclosing, sharing, or revealing any data or information contained in these reports under any circumstances. Investigators tasked with conducting administrative investigations must possess the necessary expertise relevant to the nature and procedures of such cases. They are also required to fully uphold the principle of confidentiality to ensure that whistleblowers are not exposed to any harm. The Director-General of the Financial Audit Authority in Dubai will issue the required decisions to implement this Decision. The Decision is effective from the date of its issuance and will be published in the Official Gazette.
