Latest news with #502
Gulf Insider
11-07-2025
- Business
- Gulf Insider
Employee Sentenced To 12 Years In Jail And Fined
A real estate company employee has been sentenced to 12 years in prison and fined BD100,000 after laundering over a million dinars obtained through fraud, embezzlement and tampering with electronic property records. The First High Criminal Court also ordered the confiscation of BD1,064,502 from his assets and accounts. He was further instructed to repay BD388,444 to the company and to provide BD5,001 in provisional civil compensation for the losses caused. The man had been entrusted with access to company finances and title deeds through his role. Fake payment Instead of doing his job, he fiddled with the firm's internal system, inserting fake payment details to make it look as though certain properties had been bought when they hadn' from company staff and external auditors, along with warrants to inspect the defendant's financial affairs, revealed the extent of the misconduct. According to the Financial Intelligence National Centre (FINC), the man had moved funds between his own bank accounts and those held by relatives, obscuring the source of the of the proceeds was used to build a private residence and buy another property, both registered under different names. Origins Prosecutors said the aim was to disguise the origins of the funds and give them the appearance of legitimacy. Faced with mounting evidence, the defendant admitted to the charges during was held in custody throughout the investigation and referred to trial, where the court handed down its verdict and ordered the forfeiture of the laundered read: Expat Woman Falls Victim To Online Car Scam, Warns Others To Stay Alert
Daily Tribune
10-07-2025
- Business
- Daily Tribune
Employee sentenced to 12 years in jail and fined BD100,000 for laundering BD1 million in property scam
TDT | Manama A real estate company employee has been sentenced to 12 years in prison and fined BD100,000 after laundering over a million dinars obtained through fraud, embezzlement and tampering with electronic property records. The First High Criminal Court also ordered the confiscation of BD1,064,502 from his assets and accounts. He was further instructed to repay BD388,444 to the company and to provide BD5,001 in provisional civil compensation for the losses caused. The man had been entrusted with access to company finances and title deeds through his role. Pake payment Instead of doing his job, he fiddled with the firm's internal system, inserting fake payment details to make it look as though certain properties had been bought when they hadn't. Testimony from company staff and external auditors, along with warrants to inspect the defendant's financial affairs, revealed the extent of the misconduct. According to the Financial Intelligence National Centre (FINC), the man had moved funds between his own bank accounts and those held by relatives, obscuring the source of the money. Part of the proceeds was used to build a private residence and buy another property, both registered under different names. Origins Prosecutors said the aim was to disguise the origins of the funds and give them the appearance of legitimacy. Faced with mounting evidence, the defendant admitted to the charges during questioning. He was held in custody throughout the investigation and referred to trial, where the court handed down its verdict and ordered the forfeiture of the laundered proceeds.
Yahoo
03-07-2025
- Automotive
- Yahoo
Traffic delays expected, road closures and bus diversions in place for upcoming NDP 2025 NE Shows
SINGAPORE – Motorists are advised to avoid parts of the city on July 5, 12 and 19, as road closures will be in place for the National Day Parade 2025 National Education (NE) Shows. The closures will affect key routes leading to and around the Padang, where the shows will be held, said the police in a media release on July 3. Traffic delays are expected along Beach Road, Bras Basah Road, Collyer Quay, Guillemard Road, Hill Street, Mountbatten Road, North Bridge Road, Raffles Avenue, Raffles Boulevard, Republic Boulevard, Temasek Avenue, Temasek Boulevard and Victoria Street. Alternative routes via Bayfront Avenue or Rochor Road leading to Temasek Boulevard are recommended for those heading to Suntec City and Marina Square from Bras Basah Road. Parking restrictions along affected roads will also be strictly enforced, with illegally parked vehicles to be towed away. Members of the public travelling to these areas are strongly encouraged to use public transport. The annual NE Show is a National Day Parade preview specially organised for Primary 5 pupils to foster national pride and understanding of Singapore's history. It is typically held on the three Saturdays leading up to National Day. In conjunction with the road closures, several SMRT bus services will be temporarily diverted on all three Saturdays. Service 502 will skip stops along Bayfront Avenue, Bras Basah Road, Temasek Avenue and Temasek Boulevard between 8am and 11.59pm. Services 960 and 960e will skip several stops along Raffles Avenue and Beach Road during the same period, while Service 961 will skip stops along Beach Road, North Bridge Road and Parliament Place from first bus to last bus. Service 61 will also be affected near The Treasury on North Bridge Road between 1pm and 3pm, and again from 6.30pm to 8pm. The police said only authorised vehicles and emergency services will be allowed access during road closures. Officers from the police, Singapore Armed Forces, auxiliary police, and security firms will be deployed at affected junctions to assist motorists. For more information, members of the public can contact the NDP organisers at 1800-637-2025 or visit Source: The Straits Times © SPH Media Limited. Permission required for reproduction Discover how to enjoy other premium articles here
Gulf Insider
26-06-2025
- Business
- Gulf Insider
CBUAE Suspends New Islamic Banking Customers at UAE Bank
The Central Bank of the UAE has suspended the onboarding of new customers on the Islamic Window of a bank operating in the UAE, for six months and imposed a financial sanction of AED3,502,214 ($953,000). The move adheres to Article 137 of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities, and its amendments. The sanctions result from the Central Bank's Sharia supervision examinations, which revealed the bank's non-compliance with the instructions related to Sharia' Governance of the Islamic Window and the provisions of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities, and its amendments. The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all banks and their staff, abide by the country's laws, regulations and standards established by the Central Bank to maintain transparency and integrity of the banking sector and safeguard the financial system. Also read: UAE: Free Driving Licence for Top Students Announced in Sharjah
Time of India
25-06-2025
- Business
- Time of India
UAE fines bank Dh3.5m, bans accepting new customers for 6 months over Sharia, AML breaches
The UAE Central Bank fined a bank Dh3.5 million and banned new customers for six months due to violations of Sharia governance and anti-money laundering regulations/(File) A UAE-based bank has been penalised by the Central Bank of the UAE (CBUAE) for failing to comply with Sharia governance requirements. The disciplinary action includes a six-month ban on accepting new customers and a financial penalty of Dh3,502,214. According to a statement from the CBUAE, the sanctions stem from supervisory examinations that uncovered the bank's non-compliance with the Sharia Governance Framework governing Islamic banking services. These examinations also found violations of other legal provisions applicable to financial institutions in the country. Legal Basis and Regulatory Context The penalties were imposed under Article 137 of Decretal Federal Law No. (14) of 2018, which outlines the role of the Central Bank in the regulation and oversight of financial institutions within the UAE. This law also covers the organisation and supervision of financial activities, including Islamic banking, and allows the CBUAE to take necessary action in cases of misconduct or non-compliance. The CBUAE has not disclosed the name of the bank involved but made clear that the violations relate specifically to Sharia compliance, a core requirement for institutions offering Islamic financial services in the country. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Install the Perfect Pool at Home – Start Here Backyard Pool | Search Ads Learn More Undo Central Bank's Commitment to Integrity and Transparency In its official statement, the Central Bank reaffirmed its commitment to upholding transparency, integrity, and regulatory compliance in the UAE's financial system. It emphasised that all licensed financial institutions are expected to meet the legal standards, particularly those that apply to Sharia-compliant banking. 'The CBUAE remains committed to ensuring that all licensed financial institutions operating in the UAE adhere to the legal and regulatory standards established to uphold transparency and integrity in the banking sector,' the statement said. This enforcement action is part of the CBUAE's ongoing efforts to maintain financial stability and public trust in the banking sector. By applying such regulatory measures, the Central Bank aims to preserve the soundness of the country's financial institutions and reinforce the credibility of Islamic banking in the UAE.
