In pursuance of effective implementation of Circular No. 5 issued by the Ministry of Economy in March 2021, Dubai Economy organised a series of webinars for the business owners and investors in the Emirate, over the last quarter to support them to fully comply with the measures being adopted nationwide to enhance transparency and curb money laundering.

The webinars, led by Dubai Economy in partnership with Dubai-based AML (Anti Money Laundering) consulting firm AJMS Global, were part of the strategic focus of Dubai Economy on strengthening engagement with the business community and enhancing ease of doing business in Dubai. Dubai Economy sought to address more than 10,000 companies through the two webinars.

The first in the webinar series followed the campaign launched by the Ministry of Economy calling on all Designated Non-Financial Businesses and Professions (DNFBPs) in the UAE to register in the system of Financial Intelligence Unit called ‘goAML’ and the Automatic Reporting System for Sanctions Lists by the end of March 2021.

DNFBPs include a wide range of non-financial activities that are most exposed to money laundering risks. Registration of DNFBPs on goAML and the Automatic Reporting System for Sanctions List is mandatory as per the Federal Law No. 20 of 2018 on combating money laundering and financing of terrorism and its implementing procedures as per Cabinet Resolution No 10 of 2019.

At the outset, Dubai Economy has focused on five DNFBP categories, i.e. Real Estate Brokers and Agents, Dealers of Precious Metals and Stones, Auditors, Corporate Service Providers and Legal Consultants. Accordingly, Dubai Economy hosted separate, dedicated, webinars for each category, which were attended mostly by participants representing the respective categories.

Dubai Economy hosted another round of webinars to urge businesses to provide the Beneficial Owner data as required by the UAE Cabinet Decision No. (58) of 2020. All registered businesses in the UAE have been directed to reveal the identity and furnish details of their Beneficial Owner(s) to be included in the commercial registry as part of enhancing corporate compliance in the country in line with international best practices.

The webinar series was hugely successful in equipping both DNFBPs and AML service providers with the capabilities to effectively meet the legal, regulatory and operational requirements of registration on goAML and submission of Beneficial Owner information.

“Our objective was to help businesses understand the necessity and advantages of complying with the regulatory requirements relating to goAML and Beneficial Owner Data, and thus avoid any legal consequences. The registration and reporting processes were explained to the participants in both webinars and they were satisfied with the quality, simplicity and clarity of the information shared,”  said Ahmad Al Hajri, Director, Legislations & Legal Studies, at the Governance and Legislations Sector in Dubai Economy.

Al Hajri also appreciated the efforts of DNFBPs, who not only participated in the webinars actively and in large numbers, but also registered on goAML thus demonstrating that Dubai Economy and the DNFBP community in the emirate are on the same page in terms of meeting the expectations of international community with regard to AML compliance.

Abhishek Jajoo, Founder & Group CEO of AJMS, said: “Dubai Economy has accomplished a significant feat in acclimatizing the Emirate of Dubai with a robust AML environment for DNFBPs in a manner that is unprecedented anywhere else in the world.

The Ministry of Economy had offered free registration on goAML and the Automatic Reporting System for Sanctions List on its website. Registered businesses in Dubai can add the Beneficial Owner data by logging in to the eServices page of Dubai Economy on https://eservices.dubaided.gov.ae/BeneficiaryOwner

The Beneficial Owner data required includes name, nationality, gender, passport number, residence address and mobile number. All registered businesses in Dubai must register their Beneficial Owner data irrespective of their category (e.g. Commercial, Professional or Industrial) or legal form.

A customer logging in to the Dubai Economy eServices page can click on the Add / Modify the Beneficial Owner button. The customer will then be transferred to another screen to enter the Beneficial Owner data.

For enquiries and information on the Beneficial Owner registration, customers can email Dubai Economy on info@dubaided.gov.ae or call 600 54 5555.