1. To Register in Go AML:

2. For Registration in the automatic reporting system for sanction lists:

Definition of the Financial Action Task Force (FATF):
It 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 (58) of 2020 regulating the beneficial owner procedures, and to avoid administrative and financial sanctions as stated in cabinet decision number (53) of 2021 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 before 08/06/2021

Through the following channels:
1. Website Click Here:
2. By logging in to your authenticated account which is connected to your trade license: Click Here
3. Through registration link received on registered email address.
4. Through registration link received through email following the issuance or renewal transaction of your trade license and following of issuance of any permits.
5. Through registration link provided by our service centers to the authorized person email address.

Beneficial Owner Definition:
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. (58) of 2020 Regulating the beneficial owner procedures
1) Name (Arabic/English)
2) Nationality
3) Date and Place of Birth
4) Gender
5) ID/Passport Number
6) Date of Issuance and Expiry Date of the ID or Passport
7) Ratio of Ownership/Control in the capital/number of quotes or shares and its nominal value and associated voting rights
8) Residential address or the address which the notices shall be sent on it
9) Name of the entity and address thereof
10) Date on which the person became a Beneficial Owner
11) Representative Capacity (Chairman/Managing Director/ General Manager .. etc

Submit your Beneficial Owner Declaration

Economic Substance Regulations

As part of the UAE’s commitment as a member of the OECD Inclusive Framework, and in response to an assessment of the UAE’s tax framework by the European Union Code of Conduct Group on Business Taxation, the UAE issued Economic Substance Regulations (Cabinet of Ministers Resolution No. 31 of 2019), (the “Regulations”) on 30 April 2019. Guidance on the application of the Regulations was issued on 11 September 2019 (Ministerial Decision No. 215 of 2019), and Cabinet Decision No. 58/2019 on the Determination of Regulatory Competencies lists the Regulatory Authorities tasked with the administration and enforcement of the Regulations. Amendments to the Regulations were made by Cabinet of Ministers Resolution No. (57) of 2020 on 10 August 2020, and updated Guidance was issued on 19 August 2020 (Ministerial Decision No. (100) of 2020 The Regulations require UAE onshore and free zone companies and certain other business forms that carry out any of the defined “Relevant Activities” listed below to maintain and demonstrate an adequate “economic presence” in the UAE relative to the activities they undertake (“Economic Substance Test”).

Relevant Activities:
• Banking Business
• Insurance Business
• Investment Fund management Business
• Lease - Finance Business
• Headquarters Business
• Shipping Business
• Holding Company Business
• Intellectual property Business (“IP")
• Distribution and Service Centre Business

The Regulations apply to financial years commencing on or from 1 January 2019. Entities that are within the scope of the Regulations are required to submit an annual Notification form to their Regulatory Authority , and complete and submit to the same Regulatory Authority an Economic Substance Report within 12 months from the end of their financial year (e.g. 31 December 2020 for entities with a financial year ending 31 December 2019). An entity is not required to meet the Economic Substance Test and file an Economic Substance Report for any financial period in which it has not earned income from a Relevant Activity or if it meets the conditions for being exempt. A Notification form will need to be submitted regardless. Failure to comply with the Regulations can result in penalties, spontaneous exchange of information with the Foreign Competent Authority (as defined in Article 1 of the Regulations), as well as other administrative sanctions such as the suspension, revocation or non-renewal of the entity’s trade license or permit.

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