From July 8, Businesses that fail to disclose ‘Ultimate Beneficiary’ to be penalized in UAE
Dubai: With immediate effect from July 8, UAE businesses that fail to disclose information on the ‘ultimate beneficiary owner’ of that enterprise, will be liable for heavy penalties.
In the first phase, which began on July 1, establishments that violate Cabinet Resolution No. (58) of 2020 on the Regulation of Ultimate Beneficial Owner Procedures were issued with written warnings. The UAE has given an extensive roadmap to licensed businesses establishments in the country with the directive to comply with the regulations.
Following phase 1, the Ministry will levy administrative penalties on institutions that fail to adopt the essential measures to rectify their status in the second phase, the period which will start on July 8. Fines specified by Cabinet Resolution No.53 of 2021 will be imposed on non-compliant establishments in this phase.
More about the Penalties
Non-compliance to submission of obligatory legal requirements of 'ultimate beneficial owner' data by licensed and registered establishments in the country to the licensing authorities will lead to the imposition of administrative fines stipulated in Cabinet Resolution No. (53) of 2021.
First, a written warning will be issued and if the establishment continues to remain non-compliant, they will be penalized including but not limited to, a fine of Dh100, 000, as well as extra administrative fines such as the suspension of their business license for a year or restrictions on the powers of the board of directors.
As per the Gulf news reports, establishments can appeal against the punitive measures within the specified legal period of 30 days from the date of notification of the violation, following the decision.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
CM Siddaramaiah labels Kumaraswamy 'Manuvadi" over Bhagavad Gita curriculum push
Bengaluru (PTI): Karnataka Chief Minister Siddaramaiah on Saturday took a swipe at Union Minister H D Kumaraswamy, by calling him a "Manuvadi" after his alliance with the BJP, for seeking the inclusion of Bhagavad Gita in curriculum for students.
The CM's dig came in response to Kumaraswamy's recent letter to Union Minister for Education Dharmendra Pradhan, requesting the inclusion of the Bhagavad Gita in the curriculum of students.
"After Kumaraswamy joined hands with the BJP for elections, he has become a Manuvadi," Siddaramaiah told reporters here after paying tributes to B R Ambedkar on his 69th death anniversary here.
ALSO READ: National Herald case: Shivakumar calls Delhi Police notice 'harassment'
Remembering Ambedkar, Siddaramaiah highlighted his contribution to the Constitution and his relentless fight to provide social justice.
The CM noted said fed up with social and caste system in Hinduism, and unable to reform it, Ambedkar accepted Buddhism.
He said, "Ambedkar, towards the end of his life, quit Hinduism and joined Buddhism. He was born in Hinduism, but cannot die in Hinduism, because he could not reform Hinduism, despite several efforts, so he accepted Buddhism."
