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The companies must come clean by next monthÂ
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The ultimatum was delivered by Safia Al-Safi, the director of the Anti-Money Laundering Department
Looking to target companies involved in money laundering activities in the United Arab Emirates (UAE), the Anti-Money Laundering Department at the UAE Ministry of Economy has told the UAE companies that they must disclose the identity of their real owners by next month or be prepared to pay fines.
The ultimatum was delivered by Safia Al-Safi, the director of the Anti-Money Laundering Department at the UAE Ministry of Economy, in an interview. She said fines would be levied on companies that do not comply by the start of July.
She said details about the real owners were required for all companies except for government-owned corporations or publicly traded entities. The UAE has introduced legislation to combat anti-money laundering activities amid scrutiny from regulatory bodies worldwide.