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Welcome to the latest edition of Law Update titled “Rise of Generative AI.”
In this edition, we dive into the dynamic world of Technology, Media, and Telecommunications (TMT) across the Middle East and North Africa (MENA) region. TMT continues to play a vital role in positioning the region as an international business and social hub, driving significant growth and innovation.
Our focus in this Law Update is on the sector’s ongoing potential to advance and propel the region toward a more digital economy. We explore the benefits of embracing a digital transformation and how local authorities have responded by enhancing regulations to accommodate the evolving TMT landscape.
This edition covers a range of topics, including – the new Telecommunications & Information Technology Law in Saudi Arabia, the intricacies of trademarks in the Metaverse, and the legal challenges faced by the video game industry. Additionally, we take a regional perspective, discussing jurisdictions such as Kuwait, Saudi Arabia, UAE, Oman, and Bahrain to provide a comprehensive understanding of the TMT landscape.
We hope you thoroughly enjoy this packed issue of Law Update, filled with captivating articles that address key legal issues within a vital sector for the region.Read the full edition
The Ministry of Trade (“MoT“) has recently issued mandatory instructions for foreign companies registered with the Registrar of Companies (“RoC“) in Iraq. The instructions are based on the Anti-Money Laundering and Terrorism Financing (“AMLT“) No. 39 of 2015, Due Diligence Regulations (“DDR“), and the recommendations of the Financial Action Task Force (“FATF“).
Foreign companies must now provide the names, residency details, and documents of their foreign shareholders registered with the RoC in Iraq. These documents must be updated every six months, and failure to comply with this requirement will result in rejected transactions until the information is updated. To avoid disruptions in their business transactions, foreign companies should be aware of these new obligations and ensure compliance with the regulations.
Al Tamimi & Company’s Iraq Office is available to assist you with any questions or concerns you may have regarding these new instructions. Our team of legal professionals has extensive experience in navigating regulatory compliance matters and can provide valuable assistance to ensure your business transactions remain uninterrupted.
Partner, Head of Office - Baghdadm.firstname.lastname@example.org
Associate, Corporate Structuring
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