Cabinet Decision No. 109/2023 On the Regulation of the Real Beneficiary Procedures

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Abrogates:

Cabinet Decision No. 58/2020 dated 28/08/2020

The Council of Ministers,

Pursuant to the perusal of the Constitution;

Federal Law No. 1/1972 on the Competencies of Ministries and Powers of Ministers, and its amendments;

Federal Decree-Law No. 20/2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations;

Federal Decree-Law No. 32/2021 on Commercial Companies;

Federal Decree-Law No. 37/2021 on the Commercial Register;

Cabinet Decision No. 58/2020 on the Regulation of the procedures of the Beneficial Owner;and

Based on the proposal of the Minister of Economy, and the approval of the Council of Ministers,

Has decided:

Article 1 - Definitions

In implementing the provisions of the present Decision, the following terms and expressions shall have the meanings assigned thereto, unless the context requires otherwise:

  • State: The United Arab Emirates.

  • Ministry: The Ministry of Economy.

  • Minister: The Minister of Economy.

  • Decree- Law: Federal Decree-Law No. 20/2018 on anti-money Laundering and Combating the Financing of Terrorism and the Financing of Unlawful Organisations, and its amendments.