UAE’s anti-money laundering physique endorses framework for digital belongings

A general view of the Business Bay Area after a curfew was imposed to prevent the spread of coronavirus disease (COVID-19) in Dubai, United Arab Emirates, March 28, 2020. REUTERS / Satish Kumar / File Photo

DUBAI, Sept. 8 (Reuters) – A United Arab Emirates anti-money laundering committee has approved a regulatory framework for virtual assets, the Gulf State central bank said on Wednesday.

The National Committee on Combating Money Laundering and the Financing of Terrorism and Illegal Organizations has “announced the adoption of a regulatory framework for virtual assets in the UAE that is in line with approved anti-money laundering and counter-terrorist financing standards,” according to the central bank – that is one of the committee members – said in a statement.

The central bank and the Securities and Commodities Authority have been tasked with overseeing the implementation of the rules, the statement said.

“This regulatory framework is a first step towards comprehensive regulation of virtual assets and protects the financial system and investors from money laundering and terrorist financing risks,” it said.

In 2019, the Financial Action Task Force, the financial crime regulator, announced that cryptocurrency companies would be subject to rules to prevent misuse of digital coins such as bitcoin for money laundering. It was the first global regulatory attempt to contain the rapidly growing sector.

Reporting by Davide Barbuscia; Editing by Mark Porter

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Fertitta Leisure Provides Property to SPAC Deal

From Dave Sebastian

Fertitta Entertainment Inc., a holding company for Golden Nugget Casinos and Landry’s Restaurants, is adding additional assets to the deal with the special acquisition company that will bring Fertitta public, the companies said.

Fertitta said she agreed to bring in the Mastro brand, the Aquariums, the Pleasure Pier, Vic and Anthony’s, and a handful of others, adding a total of 42 goodwill that was not originally included in the transaction announced in February. It also said it will acquire Catch restaurants, including Catch Steak, the restaurant group of which is 50% owned by Fertitta owner Tilman Fertitta.

The company will bring in the operational business without additional debt, it said. Mr. Fertitta will receive additional equity in the combined company and his total equity interest upon completion of the transaction with Fast Acquisition Corp. increase to about 72%.

The amended transaction results in a company valuation for Golden Nugget / Landry’s of approximately $ 8.6 billion, the companies said. Fertitta expects to use the proceeds from the transaction to accelerate its growth initiatives, fund its operations and reduce its existing debt.

“The contribution of the new business assets significantly improves the company’s operating cash flow, provides better assets for organic growth, and makes the company much less of a debt as the company does not incur any additional debt as part of the revised transaction,” said Fertitta.

Fertitta said sales for the three months ended June 30, including additional assets and business units, are expected to be $ 917 million to $ 920 million. It provides for adjusted earnings before interest, taxes, depreciation, and amortization of $ 270 million to $ 275 million for the quarter or more than $ 800 million for the full year with the contribution or acquisition of all operations on Jan. 1 was completed. 2021.

The companies expect the deal to close in the fourth quarter.

Write to Dave Sebastian at dave.sebastian@wsj.com

A ‘tsunami of cash’ goes to sustainable belongings

Sustainable investing can generate good returns as a “tsunami of money” flows into such assets, said Piyush Gupta, group chief executive of Singapore’s largest bank DBS.

“The truth is that a tsunami of money is flowing into ESG investing,” he said, referring to investments that consider environmental, social and governance factors.

Even if the asset’s fundamental value doesn’t increase, the supply-demand equation will persist, Gupta Martin Soong said during the virtual CNBC Evolve Global Summit On Wednesday.

When asked if sustainable investing is just a trend or if it’s a long-term strategy, the CEO said that either way, the investment is likely to generate good returns.

Typically, if you were to create a basket of ESG stocks, you would definitely be picking up high performing companies, and that’s not a bad investment profile.

Piyush Gupta

CEO of the DBS Group

“You can’t do badly to be in … a basket of ESG assets just because there is an extra trillion dollars in that asset class,” said Gupta, a member of CNBC’s ESG council. “If nothing else, prices will go up.”

Another factor that bodes well for sustainable investing is that ESG-focused companies “tend to be high performing companies,” he said.

“So if you were to create a basket of ESG stocks, you would typically definitely be adding high performing companies, and that’s not a bad investment profile,” he added.

‘Clear’ interest in sustainability

Gupta said investors – both private and institutional – are starting to intentionally choose investments that are socially responsible or promote environmental sustainability.

“Many customers want a choice of what investments to make,” he said.

“It’s even more visible in the institutional investor space,” he said, noting that sovereign wealth funds often have guidelines for making sectoral decisions and where to put their money.

However, it remains to be seen whether investors will continue to opt for sustainability even if investments have not performed well.

“In many cases people are happy to choose ESG when they can get at least the same market return as a non-ESG investment – but it’s not clear how many of them are willing to compromise and seek a lower return on the product “said Gupta.” That still has to be tested.

Corporate governance

China Asset Management CEO Li Yimei said before the same CNBC Evolve panel that there has been a great improvement in corporate governance and shareholder valuation in China over the past decade.

Li, who is also a member of the CNBC ESG Council, said state-owned companies are now regularly engaging their investors and top executives are talking to retail investors through social media and conferences.

“We think we have seen progress,” she said.

DBS’s Gupta agreed, but said there were gaps in Asia.

Read more about clean energy from CNBC Pro

Regarding the perception that public companies in Asia have historically not focused on the benefit of their shareholders, he asks whether corporate governance is all about investors or whether it extends to other stakeholders as well.

“Honestly, the rest of the world is going there now – a realization that … you need to make sure you have a responsibility to other communities, societies (and) taxpayers,” he said.

The idea that corporate governance is all about shareholders is changing, Gupta said.

“The rubric is changing, and within the … changing rubric, a lot of Asian companies are actually not doing that badly,” he said.

(SMCE) – SMC Leisure To Divest FiberSKY Networks Belongings

  • SMC Entertainment Inc. (OTC: SMCE) sold the subsidiary of FiberSKY Networks.
  • SMC will return all assets related to the FiberSKY acquisition to FiberSKY’s original stakeholders for 20 million SMC shares under the agreement.
  • SMC will issue 2 million new restricted SMC shares to FiberSKY stakeholders.
  • Recently, The company signed an agreement Spectrum Entertainment LLC, headquartered in Michigan, for the equity of SMC Entertainment.
  • Price action: SMCE stock closed 3.85% on Friday at $ 0.005.