Media ININ Economy We Trust
Dubai, June 1, The Ministry of Economy held a training workshop, in cooperation with the Executive Office to Combat Money Laundering and Terrorist Financing, at the Dubai Chamber of Commerce, for a group of directors of inspection, enforcement and legal affairs at company registrars in the country, including non-financial free zones, with the aim of enhancing their awareness of legal provisions. effective inspection mechanisms, and how to impose administrative penalties against violators.
The workshop was attended by about 150 department managers and employees of economic development departments and non-financial free zones, in addition to representatives of the Executive Office for Combating Money Laundering and Terrorist Financing.
Safia Al-Safi, Director of the Anti-Money Laundering Department at the Ministry of Economy, confirmed the Ministry’s keenness to regulate the procedures of the real beneficiary in the country, as it is one of the main objectives of the national strategy to combat money laundering, and the anti-money laundering system in the UAE.
She indicated that the Ministry is constantly working in cooperation with its partners from the Executive Office to combat money laundering, economic departments, the private sector, and relevant authorities, to enhance the awareness of workers in this vital sector through training workshops, in order to meet the requirements of the Financial Action Task Force (FATF), and to contribute In enhancing the country’s reputation as a global economic center that achieves the highest standards of competitiveness.
In her speech during the workshop, Safia Al-Safi conveyed the greetings of His Excellency Abdullah bin Touq Al-Marri, Minister of Economy, and His Excellency Abdullah Sultan Al-Fan Al-Shamsi, Assistant Undersecretary for Control and Follow-up at the Ministry of Economy, Chairman of the Sub-Committee for Companies Registrars in the State, in view of their tireless efforts seeking to implement the requirements of special plans and programs. In the file of combating money laundering and combating the financing of terrorism, especially the axis related to organizing the procedures of the real beneficiary in the fifth outcome (IO5) in accordance with the strategic initiative (5.3) related to plans for desk and field inspection of legal persons and the imposition of administrative penalties in accordance with Cabinet Resolution No. (53) of 2021 regarding administrative penalties The consequences of violating the provisions of Cabinet Resolution No. (58) of 2020 regarding the regulation of the real beneficiary procedures.
For her part, Rola Mansour, a policy and risk specialist at the Anti-Money Laundering Department at the Ministry of Economy, and Yehia Zakaria, a legal advisor at the Commercial Registration and Certificates of Origin Department at the Ministry of Economy, gave detailed specialized presentations on the application of legal provisions, effective inspection mechanisms, and how to impose the necessary administrative penalties on violators, including Supports the efforts of the state in organizing the procedures of the real beneficiary in the state.
This workshop comes within the framework of the efforts of the Ministry of Economy to achieve the requirements of the operational plan for company registrars in the country emanating from the national strategy to combat money laundering and combat the financing of terrorism and financing of illegal organizations 2020-2023, especially the axes related to office and field inspections and the imposition of administrative penalties on legal persons and legal arrangements, in violation For the requirements of Cabinet Resolution No. (58) of 2020 regarding the organization of beneficial ownership procedures.
