The necessity of identification of Ultimate Beneficial Owner has gained momentum across the globe with increased International focus on tax transparency and the fight against tax evasion and other financial crimes.
Further, the recommendation of Financial Action Task Force (‘FATF’) to OECDs Global Forum on Transparency on measures geared to Anti-money laundering (AML) and Countering the Financing of Terrorism (CFT) has initiated new regulations in many countries.
In this context, the United Arab Emirates (UAE) issued Cabinet Decision No. 58 of 2020 on Regulating the Beneficial Owner Procedures (the Regulations) on 24 August 2020.