The first Law Update of 2024 is here, and our first focus of the year spotlights Healthcare and Lifesciences, a sector that is undergoing significant growth and development across the MENA region.
Our focus provides an insight into some of the most important regulatory updates across the region, such as the UAE’s groundbreaking law on the use of human genome, Kuwait’s resolution on nuclear and radioactive materials, the new regulations for healthcare services in Qatar, Egypt’s healthcare regulatory framework, and the impact of the Saudi Civil Transactions Law on the healthcare and life sciences sector … and there is so much more!
Beyond the healthcare pages our lawyers share with you multi-sector insights where you will discover articles on Dubai’s DIFC regulatory framework for startups, Bahrain’s commercial agencies law, and we also shed light on Kuwaiti civil code and the advantages of setting up a joint stock company in Saudi Arabia.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.