SHARJAH, UAE – Sharjah Economic Development Department (SEDD) organized multiple workshops for legal purposes and a number of investors and owners of economic establishments operating in the emirate attended the events.
The workshops were on “Real Beneficiary Procedures and their Administrative Penalties” as well as “Anti-Money Laundering Procedures, Required Documents and Methods of Certifying them”, local media reports said.
During the workshops, the legislative frameworks for real beneficiary and combating money laundering were reviewed.
The participants also discussed administrative penalties, required documents, and method of certifying them. Participants’ inquiries were also answered.
These workshops aims at developing and strengthening the regulatory and institutional frameworks for real beneficiary data system in the country, by providing and applying a comprehensive guide that contributes to enhancing the capabilities of company registrants to confront and assess risks.
Hamad Al Midfa, Deputy Director of the Legal Affairs Department at SEDD, highlighted that the workshops serve as a testament to the collaborative efforts and complementary roles between federal and local authorities.
The purpose is to ensure strict adherence to regulations by economic establishments, thereby promoting transparency within the business environment and strengthening the country’s endeavors in combating money laundering and terrorist financing, he said.
These workshops also contribute to bolstering the country’s international standing in this regard, he added.
Al Midfa further emphasized SEDD’s commitment to creating an ideal investment climate that supports business continuity, encourages companies to enhance their operations, facilitates the attraction of foreign direct investment, and improves the overall competitiveness of the business environment.