Government Compliance Services
GoAML Compliance Services & Registration.
The Ministry has established a separate department under its existing structure, called Anti-Money Laundering Department, for implementing its operational strategy regarding inspecting and controlling all the operations listed under DNFBPs, in accordance with the requirements of the Federal Decree-law No. (20) of 2018 on AML And CFT and Financing Of Illegal organizations and its related implementing regulation.
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Cabinet Decisions Related to AML/ CFT:
The cabinet decisions passed in relation to AML/ CFT:
Categorization of Sectors Falling Under DNFBPs
DNFBPs have further been divided into the following four sectors:
The Requirement of Anti-Money Laundering and Combating Financing Terrorism Legislation
This legislation requires a Financial Institution/ DNFBP to do the following:
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Economic Substance Criteria
When a UAE registered business conducts a Relevant Activity determines whether the business entity is a Licensee and falls within the scope of the ESR. A Licensee is subject to an Economic Substance Test and is required to demonstrate the following:
In addition to demonstrating economic substance, a Licensee is required to file an economic substance return for those financial years/periods in which it earned any gross income from a Relevant Activity.
ESR Registration & Compliance
The Regulations had been introduced by the UAE government to honor its commitment as a member of the OECD inclusive framework on Base Erosion and Profit Shifting (BEPS), and in response to an assessment of the UAE’s tax reporting framework by the European Union (“EU”) Code of Conduct Group on Business Taxation.
UBO (Ultimate Business Ownership)
A person or party that owns or controls more than 25% of a company’s shares and/or voting rights. It is also the person or party that ultimately benefits from any transactions made by a company. A UBO’s control or ownership of a company can be direct or indirect. The Resolution (cabinet resolution 58) has provided clear-cut application guidelines which are to be followed by all the applicable entities.
Ultimate Beneficial Owner Vs Beneficial Owner
A UBO is different from a Beneficial owner. Beneficial owners are people who hold shares in a company. UBOs are individuals who have ownership of at least 25% of a company’s shares. Furthermore, they also have the ability to control a company through direct or indirect means. UBOs have the power to pull the strings of entire organizations. It goes without saying that these individuals can end up holding a lot of power.