Emaratalyoum, 2 July 2021: The UAE’s Economy Ministry together with the relevant licensing authorities in the country have started implementing the first phase of administrative penalties under Cabinet Decision No. 58/2020.
These involve written warnings being issued to establishments who violate the Decision on the regulation of the procedures for real beneficiaries.
Affected entities had to comply with the Decision by 1 July.
The second phase of the Decision being implemented will start on 8 July and will see entities who fail to comply with the Decision fined in line with Cabinet Decision No. 53/2021.
For full story see https://www.emaratalyoum.com/business/local/2021-07-02-1.1509506.
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