HFZA and SAIF Zone co-host webinar on real beneficiary law

The webinar, which will begin tomorrow (Thursday), will be co-hosted by the Ministry of Economy and the Executive Office of Anti-Money Laundering and Counter-Terrorism Financing.

The goal of the online event is to raise participants' understanding of the genuine beneficiary's criteria, which will help the country's anti-money laundering efforts.

The virtual gathering will cover six pillars including the scope of validity of the real beneficiary law and licensing of the legal person, how to identify the real beneficiary as well as the required data in the registry and transparency, the obligations of the registrant and the notifications issued by them; in addition to the confidentiality of data, the role played by the Ministry of Economy in supporting local and international cooperation, issuing administrative sanctions and handling grievances.

“The UAE's tireless efforts to regulate the procedures of the true beneficiary will surely help to improve the level of transparency in the economic environment throughout the country. It will also help the country maintain its position as a competitive economic hub that adheres to the highest standards of integrity and transparency in financial and commercial control, as well as combating unethical business practices,” said Saud Salim Al Mazrouei, Director of Hamriyah Free Zone Authority and Sharjah Airport International Free Zone Authority.

“Hosting this webinar is in keeping with our efforts to raise investor and businessman understanding of the genuine beneficiary criteria and guarantee that businesses established in the two zones are fully compliant with the law by submitting real beneficiary data. This will benefit the business and investment sectors in the long run, improving security and economic stability, attracting foreign direct investment, and protecting firms from financial crimes,” Al Mazrouei stated.