#UAE's Ministry of Economy unveils campaign for companies to comply with 'ultimate beneficiary' rules | The National

UAE's Ministry of Economy unveils campaign for companies to comply with 'ultimate beneficiary' rules | The National

The UAE’s Ministry of Economy has started a campaign to ensure that more than 500,000 non-financial businesses in the country submit data on their ultimate beneficiaries.

Property brokers, account auditors, dealers of precious metals and gemstones and corporate services providers are being encouraged to register the required data before the campaign ends on June 30, said Safeya Al Safi, director of the ministry's anti-money laundering department, yesterday.

Declaring a company’s ultimate beneficiary is “one of the main requirements for completing disclosure and transparency requirements from enterprises and individuals within the anti-money laundering system in the country”, Ms Al Safi said.

“The ministry seeks to enhance understanding and raise awareness among these establishments ... [about] the dangers of money laundering, their methods and means of protection against it.”

Registering with the anti-money laundering system is a mandatory step for designated non-financial businesses and professionals, or DNFBPs, but it is not the only one, she said.