Post the Covid pandemic, the Emirates has emerged as one of the most popular spots for destination weddings
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The Ministry of Economy (MoE) said on Tuesday that that it has adopted additional steps to ensure the compliance of firms with the requirement to submit and make available the information about the ultimate beneficial owners (UBO) as the deadline ends on June 30.
The move is part of the initiatives underway to strengthen the UAE’s anti-money laundering and combating terrorism financing drive.
As part of the new measures, the licensing authorities in all emirates and in the commercial free zones have been given the authority to impose administrative penalties and fines on non-complying establishments that fail to adhere to the UBO requirements, the MoE said in a statement.
The implementation of penalties for non-compliance will start as of July 1, 2021.
While 62.1 per cent of UAE establishments had so far complied with the requirement, 37.9 per cent are still required to implement ultimate beneficial owner procedures before the end of June.
The MoE said the latest move contributes to strengthening concerted efforts and integration of roles between federal and local authorities to ensure full compliance of the establishments, thus raising the level of transparency in the country’s business environment.
“In addition, it enhances the UAE’s efforts in developing the system of anti-money laundering and combating terrorism financing and supports its efforts at a global level in such regards. Additionally, it consolidates the UAE’s position as a competitive economic hub that follows the highest standards of integrity and transparency in the field of financial and commercial controls and confronting unhealthy practices in business activities,” the statement said.
The MoE said it held more than 14 virtual workshops for the 38 licensing authorities to discuss challenges, exchange experiences and enhance awareness. It reviewed the distinguished results and experiences achieved by some licensing authorities in terms of awareness initiatives for establishments, creating online systems and educating employees who deal with the establishments with the aim of achieving the highest levels of compliance during the grace period that ends on June 30.
The ministry said these steps would benefit the business and investment sector in general, as it will enhance the country’s security and economic stability and will contribute to facilitating and attracting foreign direct investment and protect businesses from financial crimes. — issacjohn@khaleejtimes.com
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