The South African Department of Finance has published Directive 8 on the compulsory screening of employees for competence and integrity. Failure to comply means that such businesses will risk sanction, including a fine of up to ZAR 50 million. Accountable institutions must record how the screening has been conducted and keep records of the outcome of such screening, which must be made available to the Financial Intelligence Centre upon request. It has been stipulated that screenings should begin as soon as possible.
The 2023 Guide to Doing Business in the United Arab Emirates is your simple but comprehensive guide to understanding and navigating the current investment climate and the most important laws regulating investments and commercial activities in the UAE.
The guide features various topics, including the history, geography and economy of the UAE, the legal and judicial systems, foreign investment models, real estate ownership and leasehold, and employment. It also provides a comparison of the available legal investment vehicles that may potentially be used to enter the UAE market.
In a time of recession, competition law regulations do not change in their content or enforcement. On the contrary, it is vital for companies to remain compliant with applicable antitrust laws and continue their commercially independent behavior. We provided an overview perspective on key antitrust and competition trends for emerging markets including, Morocco, Egypt, Turkey, South Africa and Saudi Arabia in 2023.
On 27 January 2023, the Draft Law on the Restructuring of Certain Receivables and Amending Certain Laws was submitted to the Turkish Parliament. It includes provisions regarding the restructuring of various public receivables, including customs receivables.
The introduction of an augmented and accelerated capital expenditure deduction for the cost of constructing renewable energy infrastructure in South Africa is a boon for companies that have not yet reached their Environmental, Social and Governance goals. It provides the opportunity to undertake reportable ESG initiatives and simultaneously enjoy a reduction in tax costs. Fully leveraging this opportunity will require a comprehensive understanding of the mechanics of amended incentives and the dynamics of ESG reporting.
In late February 2023, the Financial Action Task Force (FATF) Plenary officially “greylisted” South Africa when it concluded that it would adopt the Report on South African Anti-Money Laundering and Counter Terrorist Financing Measures. Being greylisted brandishes a country as being financially unsafe, in that it has inadequate safeguards against money laundering and terrorist financing. Countries and organizations shy away from, or increase their own compliance requirements for dealing with countries that may be unable to prevent these crimes.
The Competition Commission of South Africa has published the Fresh Produce Market Inquiry Terms of Reference, announcing its intention to conduct a market inquiry into the Fresh Produce Market of South Africa. The Commission has identified three broad themes for the inquiry, which will address the impediments to competition and market outcomes: the efficiency of the value chain; the market dynamics of key inputs and its impacts on producers; and the barriers to entry, expansion and participation in the fresh produce market.
Baker McKenzie is delighted to invite you to interactive seminars on 1 March 2023 in Abu Dhabi and 2 March 2023 in Dubai as part of our EMEA Russia Sanctions Briefings. The seminars will focus on the multijurisdictional sanctions challenges facing financial institutions and their clients and other corporates in the Gulf, in relation to the US, UK, EU and UAE sanctions regimes, particularly against Russia. We will also focus on the current enforcement environment and best practices for mitigating sanctions risk arising from potential compliance failures.
In our 60-minute webinar on 14 March 2023 at 3:00pm CET, we’ll help in-house counsel and competition leaders track what to keep top of mind for 2023 in emerging markets, including Morocco, Egypt, Turkey, South Africa and Saudi Arabia. We’ll also provide practical takeaways to help navigate the new landscape.
The most precious commodity in any workplace is a thriving and happy workforce. Employees want to know they are working in a role that provides not only personal meaning, but that the business is fulfilling its responsibilities to society and the environment. Employers, including those in the mining sector, that are able to correctly identify the right mix of workforce policies available to them and then find ways of accommodating and communicating with their staff to create meaning, purpose and well-being for them, are at a strategic advantage when it comes to attracting and retaining valuable talent.