UAE introduces legislation to combat anti-money laundering activities
(MENAFN)UAE companies must reveal the identity of their real owners amid an anti-money laundering crackdown by the coming month.
Safia Al-Safi, the director of the Anti-Money Laundering Department at the UAE Ministry of Economy was the one who announced the ultimatum in an interview with CNBC Arabia. She further stated that fines would be charged on companies that do not fulfill by the start of July.
Details about the real owners were needed for all companies but for government-owned collaborations or publicly traded entities.
The UAE presented legislation to fight anti-money laundering activities amid scrutiny from regulatory bodies worldwide.
MENAFN02062021000045011369ID1102192244
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.