Sharjah24: Sharjah Economic Development Department “SEDD” organised number of workshops for legal purposes. These workshops included “Real Beneficiary Procedures and their Administrative Penalties” as well as “Anti-Money Laundering Procedures, Required Documents and Methods of Certifying them”.
These workshops were attended by number of investors and owners of economic establishments operating in the emirate. During the workshops, the legislative frameworks for real beneficiary and combating money laundering were reviewed.
The workshops also included a detailed explanation about real beneficiary procedures and their legislative frameworks, as well as they discussed anti-money laundering, administrative penalties, required documents, and method of certifying them. Participants' inquiries were also answered and the most common questions of interest to investors in this aspect were clarified. It is worth mentioning that these workshops come with the aim of developing and strengthening the regulatory and institutional frameworks for real beneficiary data system in the country, by providing and applying a comprehensive guide that contributes to enhancing the capabilities of company registrants to confront and assess risks.
Commenting on that, Hamad Al Midfa, Deputy Director of Legal Affairs Department at SEDD, illustrated that the workshops come as an affirmation of the concerted efforts and complementarity of roles between the federal and local authorities. Such thing is done to ensure full compliance with the economic establishments, in a way that contributes to raising the level of transparency in the business environment in the country, and to enhance the country's efforts in developing the system for combating money laundering and combating terrorist financing, and supporting its file in this regard at the global level. Likely, it seeks to consolidate its position as a competitive economic center that applies the highest standards of integrity and transparency in the field of financial and commercial control, and to confront improper practices in business activities.
Al Midfa also stressed that SEDD aims to provide an ideal climate for investment and business continuity that contributes to encouraging companies to enhance their work, facilitate and attract more foreign direct investment and improve the competitive business environment in them, in order to achieve a number of goals aimed at encouraging investment in Sharjah. In addition, he pointed out that the Department will continue to develop its services in a way that enhances all economic sectors in cooperation with all local and federal agencies to raise the level of services provided to investors.
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