To Register in Anti Money laundry Systems for DNFBPs, click here
For Registration in the automatic reporting system for sanction lists, click here
Financial Action Task Force (FATF) is an intergovernmental organization based in the French capital, Paris, founded in 1989. The Financial Action Task Force aims to combat currency counterfeiting and terrorist financing, and it has 37 members within the organization. They are the United States of America, the United Kingdom, Argentina, Australia, Austria, Belgium, Brazil, Canada, China, Denmark, the European Union, Finland, France, Germany, Hong Kong, the Gulf Cooperation Council, Iceland, India, Ireland, Spain, Israel, Italy, Japan, South Korea, Malaysia, Mexico, Luxembourg, Netherlands, New Zealand, Norway, Portugal, Russia, Singapore, South Africa, Sweden, Switzerland, Turkey, Saudi Arabia.
Role of FATF:
FATF recommendations set out a comprehensive and consistent framework of measures that countries should implement in order to combat money laundering and the financing of terrorism, in addition to financing the proliferation of weapons of mass destruction. Since the legal, administrative and operational frameworks and financial systems vary in various countries, it is not possible for all of them to take identical measures to confront these threats. Therefore, the FATF recommendations set an international standard, which countries should implement by taking measures that have been adapted to their own circumstances. (FATF website )
With reference to cabinet decision number (109) of 2023 regulating the beneficial owner procedures, and to avoid administrative and financial sanctions as stated in cabinet decision number (132) of 2023 relating to administrative sanctions for beneficial owner procedures violators which starts with written notice for violated company and can reach “in case of re-violating” to AED 100,000 and cessation for the trade license for a period not less than a year, hence we urge you to immediately submit your Beneficial Owner declaration Through the following channels:
- Website Click here
- By logging in to your authenticated account which is connected to your trade license:Click here
- Through registration link received on registered email address.
- Through registration link received through email following the issuance or renewal transaction of your trade license and following of issuance of any permits.
- Through registration link provided by our service centers to the authorized person email address.
Whoever person that ultimately owns or controls, whether directly through a chain of ownership or control by other means of control such as the right to appoint or dismiss the majority of its directors, 25% or more of shares or 25% or more of voting rights in the legal person.
Excluded companies from implementing the requirements of this circular; are only the companies which wholly owned by the local or federal government, or any-other companies wholly-owned by such companies and the financial free zones.
Required data according to the Cabinet Decision No. (109) of 2023 Regulating the beneficial owner procedures:
- Name (Arabic/English)
- Nationality
- Date and Place of Birth
- Gender
- ID/Passport Number
- Date of Issuance and Expiry Date of the ID or Passport
- Ratio of Ownership/Control in the capital/number of quotes or shares and its nominal value and associated voting rights
- Residential address or the address which the notices shall be sent on it
- Name of the entity and address thereof
- Date on which the person became a Beneficial Owner
- Representative Capacity (Chairman/Managing Director/ General Manager .. etc
Excutive Office for Control & Non-Proliferation website: click here
United Nations Security Council Consolidated List: click here