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.
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Elections have slipped out of Modi's hands: Rahul Gandhi
New Delhi (PTI): Congress leader Rahul Gandhi on Thursday claimed the difference between his party's guarantees and 'Modi Ki Guarantee' is clear and added that Prime Minister Narendra Modi knows that the elections have "slipped out of his hands".
In a post in Hindi on X, Gandhi said the Congress guarantees a "government of Indians".
Listing some promises made by the Congress, Gandhi said women will get Rs 8,500 per month, youth will get a job that pays Rs 1 lakh per year, recruitment will be carried out for 30 lakh vacancies and legal MSP will be provided to farmers.
"Modi's guarantee: Adanis' government - The country's wealth in the pockets of billionaires; donation business extortion gang; Constitution and democracy are over; farmers facing a paucity of finances; the difference is clear!" the former Congress chief said.
"Congress will create crores of millionaires in India and Modi ji knows that the election has slipped out of his hands," he said.
Addressing a rally in Amravati, Gandhi on Wednesday had claimed that ten years of the Modi government saw only 22-25 persons becoming billionaires on the back of a Rs 16 lakh crore loan waiver, but if the INDIA bloc comes to power, it will make crores of people "lakhpatis".
Gandhi had also said no force in the world can change the Constitution of India. Congress leaders have accused the BJP of wanting to change the Constitution.
