Facing global pressure, the United Arab Emirates to begin fining violators of new corporate transparency rules ...Middle East

The United Arab Emirates, one of the world’s top emerging tax havens, will begin collecting penalties and fines on its requirement for reporting of company beneficial ownership information, as it faces international pressure to address money laundering concerns. However, questions remain about numerous exemptions and loopholes in the new rules. Companies may use brokers or banks as the legal owners, but the new laws that require the reporting of beneficial owners is focused on recording the true owners who reap the benefits of ownership, have 25% or more of the company’s shares and voting rights at the company or the power to dismiss and appoint directors. “Beneficial ownership truthfully p

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Facing global pressure, the United Arab Emirates to begin fining violators of new corporate transparency rules ...Middle East

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