French MPs backed a new law to repatriate plundered state assets on Friday after the conviction of Syrian President Bashar Al Assad's uncle for using looted national riches to build a vast European property portfolio.
Campaigners say the proposed new law is a potential game-changer for France after a long battle to identify property and assets held by family members of corrupt regimes.
The vote follows the conviction of Rifaat Al Assad last year and the 2017 conviction of the vice president of oil-rich Equatorial Guinea, Teodorin Obiang, who had a lavish lifestyle in France, owning a string of properties and luxury cars. He was fined and given a suspended jail sentence.
The measure, part of a broader aid and development bill, comes 14 years after the start of a campaign triggered by a French charity that said 23 dictators, former dictators and their families had squirrelled away $200 billion in assets in western countries.
The prosecutions of Obiang and Al Assad relied on work by French NGOs Sherpa and Transparency International France, which both lobbied for a law that would allow seized assets to be returned to their countries of origin, instead of being kept by France.
“This has been a 14-year legal and legislative battle," said Sara Brimbeuf, the head of illicit financial flows advocacy at TI France. "This has been our main objective. It's not perfect but it's a step in the right direction."
She said the stolen assets could be returned via French development projects or aid agencies to ensure that assets would not be looted for a second time in countries with unstable or corrupt governments.
The new measure will now go to the French Senate for approval and could become law within weeks. Even though the law will not be applied retrospectively, it can be used in both the Assad and Obiang cases as the men are yet to exhaust their legal challenges to the verdicts.
France seized properties belonging to Al Assad, 82, who was allowed to remain free pending his appeal and is unlikely to serve a jail term because of his age.
The court was told that Al Assad, known as the Butcher of Hama after allegedly commanding forces responsible for the 1982 massacre in the city, has a property empire worth an estimated $100m.
His French fortune included two Parisian townhouses, a stud farm, 40 apartments and a chateau. Al Assad and his family also owned more than 500 properties in Spain that were seized by authorities in 2017.
He was convicted last year of tax fraud, embezzling Syrian state assets and money laundering after an investigation that started in 2014.
A Spanish judge also said that he secured money in the 1970s through extortion, drug trafficking and the theft of archaeological items.
Al Assad has 50 years of family ties to the Syrian leadership. His older brother, Hafez Al Assad, ruled Syria from 1971 to 2000. Hafez was succeeded by his son, and Rifaat’s nephew, Bashar.
The former vice-president left Syria in 1986 after mounting a failed coup against his brother. He describes himself as an opponent of the current regime.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Cargoz%3Cbr%3E%3Cstrong%3EDate%20started%3A%3C%2Fstrong%3E%20January%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Premlal%20Pullisserry%20and%20Lijo%20Antony%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2030%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Seed%3C%2Fp%3E%0A
Generation Start-up: Awok company profile
Started: 2013
Founder: Ulugbek Yuldashev
Sector: e-commerce
Size: 600 plus
Stage: still in talks with VCs
Principal Investors: self-financed by founder
THE SPECS
Engine: 4.4-litre V8
Transmission: eight-speed automatic
Power: 523hp
Torque: 750Nm
Price: Dh469,000
City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
MATCH INFO
Manchester United v Everton
Where: Old Trafford, Manchester
When: Sunday, kick-off 7pm (UAE)
How to watch: Live on BeIN Sports 11HD
Austrian Grand Prix race timings
Weekend schedule for Austrian Grand Prix - all timings UAE
Friday
Noon-1.30pm First practice
4-5.30pm Second practice
Saturday
1-2pm Final practice
4pm Qualifying
Sunday
4pm Austrian Grand Prix (71 laps)
The specs: 2018 BMW R nineT Scrambler
Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
