The company’s license can also be suspended for one year for non-compliance with ministry instructions.
The UAE’s Ministry of Economy has asked all businesses in the country to submit authentic information about their beneficiaries by June 30 to avoid sanctions.
The ministry said companies that flouted the rule would receive a written warning, followed by a fine of Dh 100,000 if they missed the deadline.
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It is important to note that the company’s license can also be suspended for one year for non-compliance with ministry instructions.
The new law will come into effect on July 1 and all establishments registered and licensed in the UAE, including free trade zones, are required to submit their beneficiary data under this rule. However, public enterprises and establishments in financial free zones have been exempted from the exercise.
“The commitment of institutions to provide real data on beneficiaries will help create a national economic database, enhance the UAE’s position in global economic and financial indicators, and strengthen international cooperation in the fight against money laundering and terrorist financing, “said the Ministry of Economy.
The authorities of the United Arab Emirates have tightened regulations on the fight against money laundering and the financing of terrorism (AML / CFT).
The Central Bank of the United Arab Emirates (UAECB) has also recently fined a number of entities in the country for failing to comply with national AML / CFT regulations.
All establishments registered and approved in #UNITED ARAB EMIRATES are now required to submit their actual beneficiary data by 6/30/2021 in order to avoid penalties, including fines. pic.twitter.com/jXv67CQByt
– Ministry of Economy – United Arab Emirates (@Economyae) May 30, 2021
The Economy Ministry said all registered establishments will keep the beneficiary file at its headquarters and commit to establishing the register through the licensing authorities’ website.
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They were also asked to add registry data to the licensing authorities’ system through their website.