UAE firms must disclose ultimate owners by next month in anti-money laundering crackdown

Published 01 Jun,2021 via Arab News - Economy -DUBAI - UAE companies must disclose the identity of their real owners by next month amid an anti-money laundering crackdown.

The ultimatum was delivered by Safia Al-Safi, the director of the Anti-Money Laundering Department at the UAE Ministry of Economy, in an interview with CNBC Arabia. She said fines would be levied on companies that do not comply by the start of July.

She said details about the real owners were required for all companies except for government-owned corporations or publicly traded entities.

The UAE has introduced legislation to combat anti-money laundering activities amid scrutiny from regulatory bodies worldwide.

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