The Economic Integration Committee of the UAE has adopted a flexible action plan to provide data on “beneficial owners” of more than 400,000 companies registered in UAE and an action plan to combat tax evasion.
The move to collect data on ultimate beneficial owners --- those who own or control directly or indirectly 25 per cent of the capital of a company– has been aimed at combating money-laundering and the financing of illegal organisations in the UAE.
The critical move was implemented following a Cabinet resolution made in 2020 to ensure enhanced transparency of entities registered in the UAE. The move also seeks to develop effective and sustainable executive and regulatory mechanisms and procedures in respect of beneficial owner data.
The committee, headed by Abdulla bin Touq Al Marri, Minister of Economy, includes Dr Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs; and E Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, in addition to the representatives of local economic development departments in all emirates of the UAE.
At the 5th meeting held virtually, the committee discussed the integration efforts between the Ministry of Economy and the departments of economic development in various emirates and all relevant federal and local institutions.
The panel reviewed the world-leading successes achieved at the federal and local levels, in addition to discussing ways to enhance cooperation and partnership to support the UAE's preparations for the next 50 years and contribute to providing government services in line with the best global standards, the Ministry of Economy said in a statement.
Minister Al Marri said the committee is working on achieving the national objectives in line with the UAE Centennial 2071 to enhance the country's economic model. “It strives to promote the principles of partnership, integration of roles, coordination and joint action in order to drive economic growth in each emirate of the UAE, to support sustainable development and the national economy, and to shape the features of the future economy over the next 50 years."
“Through the Economic Integration Committee, we will continue to discuss priority economic matters and enhance the outcome of plans and initiatives implemented by the various development entities in the country. During the 5th meeting, we discussed several important issues, including mechanisms for implementing international standards regarding realistic and specific economic activities, according to Cabinet Resolution No. (57) of 2020, and an action plan was approved to define the relevant economic activities to combat tax evasion,” said Al Marri.
The minister said the committee had approved an action plan to provide the real beneficiary data of more than 400,000 companies registered in the UAE to ensure compliance with international standards as stipulated in the ministerial resolution, whereby the companies are obligated to create a register of the real beneficiary and list the required data in the competent authorities’ licensing systems.
“The move supports the national efforts in the field of combating money laundering and the financing of illegal organisations, thereby enhancing the UAE’s position in the relevant global indicators,” said Al Marri.
The Economic Integration Committee was established recently by virtue of a ministerial resolution issued by the Minister of Economy. The committee’s scope of tasks includes proposing and coordinating economic development policies and programs in the UAE, ensuring conformity and alignment between local and federal economic regulations, rules and procedures, promoting economic cooperation between the seven emirates, and submitting suggestions and sharing opinions for the development of the legislative frameworks regulating economic activities in the UAE.
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