UAE supports the competitiveness of national business environment – Gulf Today

UAE supports the competitiveness of national business environment – Gulf Today

The new move ensures that the real beneficiary data of all relevant private enterprises are collected and recorded.

The Ministry of Economy held a briefing, during which it reviewed the main updates related to the development of the anti-money laundering and counter-financing of terrorism system (AML/CFT) in the country, namely the Cabinet Decision No. 109 of 2023 on the organisation of the real beneficiary procedures.

Another update is the Cabinet Decision on administrative sanctions for breaches of the provisions of Cabinet Decision No. 109 of 2023 on the organisation of the real beneficiary procedures, which aims to support the competitiveness of the national business environment and enhance the UAE economy’s leading position at regional and global levels.

Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy, said that developing real beneficiary procedures is a key focus area within the UAE’s AML/CFT system.

He noted that the latest resolutions represent a new milestone in supporting the country’s ongoing efforts, strengthening efforts to address suspicious financial activity.

It is designed to develop the economic regulatory and legislative environment and to promote the national business environment and its governance.

These are among the Ministry’s strategic objectives and are in line with the global standards issued