Firms in the UAE have until next month to reveal the identity of their real owners as part of the Gulf country clampdown on money laundering, the director of the Anti-Money Laundering Department at the ministry of Economy has told Cnbc Arabia, Zawya reports.
Safia Al-Safi told financial media that fines would be levied on companies that do not comply by the start of July.
The ultimatum is not directed to government-owned corporations or publicly traded entities. The Arab country has launched a warfare on money laundry activities in conjunction with worldwide regulator bodies.
UAE orders firms to disclose real owners by next month amid anti-money laundering crackdown
