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In accordance with the effective implementation of Circular No. 5 issued by the Ministry of Economic Affairs in March 2021, Dubai Economy organized a series of webinars for business owners and investors in the Emirates in the last quarter to support their full compliance measures to be passed nationwide To increase transparency and curb money laundering.
The webinar organized by Dubai Economy and Dubai Anti-Money Laundering Consulting Company AJMS Global is part of Dubai’s economic strategy focus, aimed at enhancing interaction with the business community and improving the convenience of doing business in Dubai. Dubai Economy tried to address more than 10,000 companies through these two webinars.
The first session of the webinar series is to register in the financial intelligence unit system and automatic reporting system called “goAML” after the campaign initiated by the Ministry of Economy to call for all designated non-financial businesses and professions (DNFBP) in the UAE until 2021 Sanctions list in March.
DNFBP includes various non-financial activities that are most vulnerable to money laundering risks. According to Federal Law No. 20 of 2018 on combating money laundering and financing of terrorism and its implementation procedures in accordance with Cabinet Resolution No. 10 of 2019, DNFBP must be registered on the goAML and sanctions list automatic reporting system.
In the beginning, Dubai Economy focused on five DNFBP categories, namely real estate brokers and agents, precious metals and gemstone dealers, auditors, corporate service providers and legal advisers. Therefore, Dubai Economy has organized a separate, dedicated webinar for each category, mainly attended by participants representing each category.
Dubai Economy organized another round of webinars, urging companies to provide beneficial owner data in accordance with the 2020 UAE Cabinet Decision (58). All registered companies in the UAE have been instructed to disclose the identity of the beneficial owner and provide detailed information. The owner will be included in the business register as part of strengthening the country’s company compliance in accordance with international best practices.
This webinar series has achieved great success in enabling DNFBP and AML service providers to effectively meet the legal, regulatory, and operational requirements for registering goAML and submitting beneficial owner information.
“Our goal is to help companies understand the necessity and advantages of complying with the regulatory requirements related to goAML and beneficial owner data, so as to avoid any legal consequences. Both webinars explained the registration and reporting process to participants. Satisfied with the quality, simplicity and clarity of the information shared,” Ahmed Hajiri, Director of Legislation and Legal Research, The governing and legislative branch of the Dubai economy.
Al Hajri also thanked the DNFBPs for their efforts. They not only actively participated in a large number of webinars, but also registered on goAML, demonstrating that the Dubai economy and the Emirate’s DNFBP community are on the same page in terms of meeting expectations. The international community’s opinions on anti-money laundering compliance .
Abhishek JachoAJMS Founder and Group Chief Executive Officer said: “Dubai Economy has made significant achievements in adapting the Emirate of Dubai to DNFBP’s strong anti-money laundering environment, which is unprecedented in any other part of the world.
The Ministry of Economic Affairs has provided free registration for goAML and an automatic sanctions list reporting system on its website.Companies registered in Dubai can add beneficial owner data by logging into the e-services page of Dubai Economy https://eservices.dubaided.gov.ae/BeneficiaryOwner
The required beneficial owner data includes name, nationality, gender, passport number, residential address and mobile phone number. All companies registered in Dubai must register their beneficial owner data, regardless of their category (such as commercial, professional or industrial) or legal form.
Customers who log in to the Dubai Economy e-Services page can click the Add/Modify Beneficial Owner button. The customer will then be transferred to another screen to enter the beneficial owner data.
For inquiries and information regarding the registration of beneficial owners, customers can send an email to info@dubaided.gov.ae or call 600 54 5555 to send an email to Dubai Economy.
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