Emirates News Agency – The Economic Integration Committee reviews the results of the operational plan of the Committee of Companies Registrars in the country

– At its fifth meeting in 2022.

Bin Touq: We work through the committee to develop and harmonize the federal and local economic frameworks to develop the national business environment and come up with the best economic policies.

– A new achievement in the development of the country’s anti-money laundering system by completing the registration of the actual beneficiary data for all companies registered within the country and in the free zones at a rate of 96%.

The committee encouraged the companies that did not register their actual beneficiary data to expedite the registration and take all measures to comply with money laundering legislation and decisions.

ABU DHABI, 22 May / WAM / His Excellency Abdullah bin Touq Al Marri, Minister of Economy, confirmed that the frameworks of work and cooperation for the development of the national economy show continuous development and continue in a more integrated and coordinated manner between the authorities involved in economic work in the country, in implementing the vision and prescriptions of the wise leadership, and in the interest of In increasing the readiness of the national economy for the future, and noting that the Economic Integration Committee ‘ provided an ideal platform that pushed the national efforts in this regard and took advanced steps in the unifying efforts and harmonization of economic work systems at the federal and local levels to come up with the best, most effective and efficient policies.

This took place during the fifth meeting of the Committee for Economic Integration for 2022, chaired by His Excellency, and in the presence and membership of His Excellency Dr. Ahmed bin Abdullah Humaid Belhoul Al Falasi, Minister of State for Entrepreneurship and Small and Medium Enterprises. Excellence Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and representatives of local economic development departments in all emirates of the country.

His Excellency Abdullah bin Touq Al Marri said: Through the recommendations and outputs of the committee’s work, we are eager to keep abreast of economic changes in a proactive manner and to develop integrated strategies to guide the future development process in the country. promotes in a sustainable manner consistent with the objectives and principles of the fifties, and notes that the development of the business environment in the country and the improvement of its viability and competitiveness is a firm goal of the committee and a main guide for its efforts to develop solutions to various economic files and issues, and to develop joint programs and working mechanisms that will reflect positively and tangibly and have a sustainable impact on the business climate in the country.

The agenda of the committee at its fifth meeting this year included a number of axes aimed at improving the integration of economic efforts at the federal and local levels, the most prominent of which is the review and discussion of the developments of the operational work plan of the committee is. Committee of Companies Registrars in the country, as well as following up on efforts made to improve consumer protection policies and develop new mechanisms that Improve the balance of the country’s markets and the availability and diversity of goods.

The Economic Integration Committee reviewed the results of the operational plan of the Committee of Registrars of Companies responsible for the registration and regulation of the data of the actual beneficiary, and made it clear that the State is a great achievement in this aspect achieved, as the registration of this data for all companies registered within the state and in the non-financial free zones was completed by 96%, and The Committee discusses The mechanisms used by all company registrars to ensure the continuity of the process of updating existing existing beneficiary data and registering the data of new companies.

His Excellency the Minister of Economy explained in this regard that the completion of the database of the real beneficiary of all companies in the country by 96% is a new and important step in the development of the system to confront money laundering crimes and the financing to combat. of terrorism in the country.

His Excellency said that ensuring the integrity of the country’s financial system and protecting it from financial crimes is a top priority that the UAE takes seriously to ensure a safe and attractive business environment and its position as a competitive economic center consolidate the highest standards of integrity and transparency in the area of ​​financial and commercial control and the confrontation of improper practices in business activities. It strengthens its role in protecting the integrity of the global financial system, and notes that the country, under the prescriptions of its wise leadership, continues its efforts in this direction and will continue to combat money laundering systems and procedures. developed in accordance with the National Strategy to Combat Money Laundering and Terrorist Financing 2020-2023 and the resulting action plan, as well as In close coordination with international partners.

The Committee calls on companies that have not provided their actual beneficiary data to expedite the provision and registration of this data with their licensing authorities in accordance with the procedures followed in each party, and to take the necessary measures to achieve full compliance with anti-money. money laundering legislation and decisions in a manner that ensures the completion of the anti-money laundering and anti-money laundering system Terrorism and the financing of illegal organizations in the country in accordance with the best international standards followed and taking into account the results of the mutual evaluation with the Financial Action Task Force (FATF) within a short period of time.

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Wm / Mustafa Badr Al-Din

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