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.

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Bengaluru (PTI): The Karnataka Government has appointed retired IAS officer G V Krishna Rao, former Additional Chief Secretary, as the recovery commissioner to confiscate, forfeit and attach properties derived from illegal mining activities, a government order said.

This appointment is made under The Karnataka Appointment of Recovery Commissioners for Seizure and Confiscation of Property arising from Illegal Mining and Proceeds of Crime Act, 2025, it added.

According to a recent notification issued by the Commerce and Industries Department (Mines), the Act provides for the confiscation, forfeiture, and attachment of properties derived from illegal mining activities, organised crime, and criminal proceeds.

It empowers the State Government to appoint a Recovery Commissioner not below the rank of Additional Chief Secretary, either serving or retired.

In a related order issued recently, the Government fixed the pay and service terms of Krishna Rao. He will receive a monthly salary of Rs 2,95,256 that includes Rs 1,04,006 as basic pay, along with dearness and house rent allowances calculated on his last drawn pay of Rs 2,25,000.