The fight against money laundering, tax evasion, and other financial crimes is on a rise across the world. Globally, organizations and companies are focusing on achieving compliance with AML/CFT norms. One of the requirements for this is identifying the Ultimate Beneficial Owner (UBO) of a company.
In regards to this, the UAE released Cabinet Decision No. 58 of 2020 to regulate the UBO requirements and procedures. The Resolution came into effect on August 28, 2020. It replaced the previous Cabinet Resolution No. 34 of 2020.
Ultimate Beneficial Owner
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Ultimate Beneficial Owner (UBO) UAE
UBO UAE understands the criticality of these Ultimate Beneficial Owner requirements. So, to make your life easier, we relieve the stress of UBO compliance requirements from your head.
UBO UAE - Testimonials
They helped me achieve compliance with the Ultimate Beneficial Owner requirements. Could not have asked for better professional help. Big thanks to UBO UAE.
Partner, IT company
We are impressed with their comprehensive services. They help with the documentation, continuous reviewing, and constant support. The best part is the assurance of data confidentiality. Thanks to UBO UAE for helping us comply with UBO requirements.
Owner, Food and beverages company
FAQs about Ultimate Beneficial Ownership UAE
UBO Regulations in UAE aims to mitigate the financial threat as these regulations help to identify the who will be benefitted ultimately from the actions
The UBO shall be the person who, directly or indirectly, owns and controls a company. Individuals with ownership of at least 25% shares and voting rights of a company, or someone with the power to dismiss and appoint most of a company’s directors shall be considered as a UBO.
Cabinet Decision No. (58) of 2020 Regulates the Beneficial Owner Procedures which is in line with Federal Decree-Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organizations and Cabinet Decision No. (10) of 2019 on the Executive Regulations of Federal Decree-Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organizations.