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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Minor girl kidnapped and raped; main accused and two cafe owners held
Latur (PTI): A minor girl was allegedly kidnapped and raped by an 18-year-old man in Latur, leading to the arrest of the main accused and owners of two cafes where the crime occurred on December 4, police said on Saturday.
Police traced the girl within hours of registering the complaint. The accused, identified as Rihan Gulab Shaikh, was arrested based on the girl's complaint. Two others are owners of two cafes where the crime occurred, police said.
Police registered a case under various sections of the Bharatiya Nyay Sanhita (BNS), POCSO Act, and the Prevention of Atrocities Act, an official said.
