UAE
UAE: Penalties for non-submission of UBO data from July 1
The licensing authorities in all emirates and in the commercial free zones have been given the authority to impose administrative penalties and fines on non-complying establishments that fail to adhere to the ultimate beneficial owners (UBO) requirements, the MoE said in a statement.
The Ministry of Economy (MoE) announced on Tuesday the additional steps as the deadline ends on June 30.
The move is part of the initiatives underway to strengthen the UAE’s anti-money laundering and combating terrorism financing drive.
The implementation of penalties for non-compliance will start as of July 1, 2021.
