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07 Oct 2020

New disclosure and record keeping requirements for UAE companies

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On 27 August 2020, Cabinet Resolution No. 58/2020 on the Regulation of Procedures Related to Real Beneficiaries (the "Resolution") was published, which has introduced new record keeping and disclosure requirements for corporate entities and nominees in the UAE.

The objectives of the Resolution appear to stem from the UAE's anti-money laundering regime and is generally in accordance with the UAE's recent legislation to increase transparency in its business environment. It requires corporate entities, among other things, to maintain a register of real beneficiaries and file information from this register with the appropriate UAE authorities.

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