This week the US Department of Justice announced that it recovered US $4 bn worth of stolen bitcoin, which was taken from the platform Bitfinex in 2016. The stolen cryptocurrency was obtained from the platform via hackers who engineered around 2000 unauthorized transactions in 2016. The amounts were recovered through the accounts of the alleged money launderers Ilya Lichtenstein and Heather Morgan. The duo are also facing charges for their alleged money laundering activities.

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The Attorneys, consultants and advisors at Borderless Counsel work with clients of all sizes and at different stages of development. In particular, we work with our clients to negotiate, structure, and complete international transactions which improve the competitive position of our clients. We look to add value to our client’s business models, and help them to attain sustainable growth. This week, we explore how our services add practical value to the functioning of our client’s businesses.

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Effective 1 January 2022, the United Arab Emirates (UAE) has changed its workweek from Sunday to Thursday (5 day-week) to a four and a half day week, with the weekend being from Friday afternoon to Sunday. The new working week applies to all Federal Government departments effective 1 January 2022. This week we explain how this new working week has been implemented in the UAE, and the possible implications of this approach to work.

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Managing large transactions and business deals can be a daunting task. For startups and SMEs who may not have access to a full fledged accounting and legal team, oftentimes key areas of major deals are overlooked. We endeavor to help you solve this problem, by providing you access to top professionals, who maintain the skills needed for the management and success of financial transactions. Even if you’re not looking to acquire professional services at the current time, it is important to consider the below listed areas in any sizeable business deal you pursue.

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With a new surge of covid cases being witnessed across the globe, many individuals who need to travel may be wondering about what kind of restrictions or rules they will need to prepare for before and after they get on their flight. Therefore, in this week’s blog post, we summarize some of the major restrictions being put in place across some major travel destinations and jurisdictions, to help the reader get a flavour of how the pandemic is being handled across the globe. Do note, this blog is for informational purposes only, and travel restrictions are quite fluid. Therefore, the reader should re-confirm any information provided below from official sources, and should not rely on the information provided here alone.

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On November 27, 2021, the Federal Decree-Law No. 45 on the Protection of Personal Data (PDPL) was enacted. This new law is the first comprehensive federal data privacy and protection law to be adopted UAE wide, and it aims to create a legal framework that ensures the effective governance of the management and collection of personal data. The PDPL brings the UAE's federal data protection regime in line with modern global data protection and data privacy standards, including EU's GDPR.

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Today Bitcoin and other popular cryptocurrencies are increasingly being used for cross border money transfers outside the control of government authorities. Some retail banks also are testing cryptocurrency as an exchange method. However, no global consensus on regulations governing the transfer of funds using cryptocurrencies exist at the current time. This regulatory issue increases compliance costs and opens the door to miscreants looking to circumvent regulations by moving to jurisdictions with no or weak compliance controls. In this blog post, we have tried to explain money laundering and anti-money laundering laws (AML), Know Your Client/KYC requirements and their role in AML, as well as AML in relation to cryptocurrency transfers. We also take a look at money laundering in the context of cryptocurrency use.

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This week we explain cryptocurrency, explaining what it is, how it functions, how it serves as an investment, and the legal and financial risks associated with it (including fraud, volatility and money laundering).

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Over the past years, we have helped a number of clients with alternate dispute resolution, with the help of practitioners in Canada, the US, Europe, and the MENA region (UAE and Bahrain). Therefore, this article consolidates some key takeaways and lessons we have learned in this process.

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The economies in the Arabian Gulf continue to get back on track after the major setback the pandemic has brought upon the world. The resilience shown by the Government of the GCC countries and the spirit of the people make it an attractive investment hub . This week, we highlight some of the recent amendments to the laws of various GCC countries, which allow foreigners to own businesses with fewer restrictions.

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Recent years have seen sweeping reforms in labor protection laws, as Gulf States make efforts to attract and retain foreign talent. In the UAE, many professionals and celebrities are being offered “10 year golden visas”. In addition, the UAE and Bahrain allow service based professionals (as well as other businesses) to set up companies with 100% ownership. One reform which will assist workers across the board, and which may improve workplace equity, is the wage protection system.

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We all know that the aviation industry has always played a crucial role in our transportation, but 2020 was a difficult year for the aviation industry with unbelievable losses. However, when many airlines had their fleets parked, some airline companies still managed to close their books with profits or break even.

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For individuals wishing to work and settle in Canada, there is often confusion surrounding how and when a person is allowed to come to Canada to work in a job, either through a third party employer, or their own business. In this article we will discuss the Labor Market Impact Assessment process briefly, as well as some types of visas which are exempt from this process.

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The COVID-19 pandemic has disrupted business operations in all industries globally. The first of all industries affected was the airline industry resulting in a full-scale global transportation crisis. Despite positive signs and prospects for recovery, COVID-19 remains an existential crisis for airports, airlines and their commercial partners.

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Finding the most suitable source of capital for your company may be challenging without adequate knowledge. When starting a business you must consider several funding methods to ensure you have a stable cash flow when revenues are not consistent or constant during the early days of your venture. According to studies, about 50% of new businesses fail within the first five years of being established, and in most cases financial instability is the main reason for shutting down. This week, we will give you three startup business funding ideas to help you grow your company. We will also discuss pros and cons associated with each of these approaches.

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This week we provide you with a comprehensive guide to European visas and travel, in preparation for any summer trips you may be planning. The current situation in the EU and Europe is fluid and subject to change, depending on the severity of the pandemic. However, there are signs that tourism and travel to Europe will become easier in the near future.

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At a time when violent acts of racism are making headlines in Canada and around the world the nomination is historic. Justice Jamal will be the first person of colour to sit on Canada’s Supreme Court.

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As per the officials, fully vaccinated Canadian citizens and permanent residents who test negative for the coronavirus will be exempted from two weeks of quarantine when returning to the country. In addition, the government is eliminating the need for fully vaccinated Canadians and permanent residents who are air travelers to spend three days quarantining in an authorized hotel upon arriving in the country. It is likely that these exemptions could also apply for temporary residents and students who travel to Canada for essential purposes as well.

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As per a report by The New York Times, a blueprint, titled “DHS Plan to Restore Trust in Our Legal Immigration System” has been proposed by the administration. It is currently only in its drafting stages and will go through several versions before finalization. However, it is important to note that the drafting process is under the full control of the executive, and therefore does not require congressional approval from the House or Senate. Therefore, the President will have full power to influence a number of important administrative changes to the US immigration system.

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Oftentimes it is the courts who serve as the last resort for those who feel they have been treated unfairly by the government or private actors. It is often the efficiency and effectiveness of a court applying equity principles which prevents mass revolts, civil strife and economic malaise. The courts are the last gatekeepers of justice and equity, and though legislators and rule makers should be applying these principles in their decision making as well, the courts exist to weed out any failures of government in this regard.

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