An initiative of the UAE government to combat against activities related to terrorist financing and money laundering, Cabinet Decision (No 58) of 2020 on Regulation of Procedures for Real Beneficiary requires all companies to maintain a register and submit relevant details of their Ultimate Beneficial Owners (UBO).
Ministry of Economy has set its deadline for submission of UBO details of all companies under its jurisdiction for the 30th of June 2021
Fine & Penalties up to AED 100,000
All companies in UAE failing to submit UBO details on or before the deadline will be imposed with administrative sanctions face penalties of up to Dh100,000 from July 2021.
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