The Hamriyah Free Zone Authority (HFZA) and Sharjah Airport International Free Zone (SAIF Zone), will jointly host a virtual introductory workshop on the regulation of the procedures of real beneficiary, targeting investors, businessmen and staff of both free zones.

Scheduled to kick off tomorrow (Thursday), the webinar will be organized in cooperation with the Ministry of Economy and The Executive Office of the Anti-Money Laundering and Counter Terrorism Financing.

The online event aims to enhance the participants’ awareness on the requirements of the real beneficiary, something which would eventually enhance the country’s actions against money laundering.

The virtual gathering will cover six pillars including the scope of validity of the real beneficiary law and licensing of the legal person, how to identify the real beneficiary as well as the required data in the registry and transparency, the obligations of the registrant and the notifications issued by them; in addition to the confidentiality of data, the role played by the Ministry of Economy in supporting local and international cooperation, issuing administrative sanctions and handling grievances.

“The UAE’s strenuous efforts made to regulate the procedures of the real beneficiary would undoubtedly contribute to improving the level of transparency in the business environment nationwide. It will also help consolidate the country’s position as a competitive economic hub that follows the highest standards of integrity and transparency in the field of financial and commercial control and confronting improper practices in business activities,” said Saud Salim Al Mazrouei, Director of Hamriyah Free Zone Authority and Sharjah Airport International Free Zone Authority.

“Hosting this webinar comes in line with our endeavors to promote investors and businessmen’s awareness on the requirements of the real beneficiary and ensure the full compliance ofbusinesses registered in the two zone with the law by providing the real beneficiary data. This will ultimately benefit the business and investment sector, enhance security and economic stability and attract foreign direct investment as well as protecting businesses from financial crimes,” Al Mazrouei added.