The UAE authorities once again shows its commitment to tighten regulations in order to combat money laundering and the financing of terrorism (AML/CFT)!
Recently, the Ministry of Economy told all registered companies in the country to submit real beneficiary data before June 30 in order to avoid penalties.
Establishments who fail to comply with the deadline would be fined AED100,000, with the possibility of license suspension for a year!
The new law will come into effect from July 1 and will encompass all the establishments registered and licensed in the UAE — including commercial free zones. Government-owned companies and financial free zone establishments, however, are exempted from this regulation.
Source Tareq Al Wattar
