The Commercial Compliance and Consumer Protection (CCCP) Sector in Dubai Economy has imposed fines on 148 companies in the emirate that did not register their Beneficial Owner data by 30th June 2021 as was required by law.
Regulations require violators will have to pay a fine of AED 15,000 each. The disciplinary measure being adopted now follows an intensive awareness campaign that was launched across traditional and digital media to educate companies in Dubai on the importance of registering their Beneficial Owner data in the commercial registry in accordance with the UAE Cabinet Decision No. (58) of 2020, as well as the relentless efforts of Dubai Economy to uphold global best practices in doing business.
Dubai Economy has also called on companies registered in Dubai to provide their Beneficial Owner data on its eServices page.
News Source: Emirates News Agency
