Gulf News (United Arab Emirates), 30 October 2023: Abu Dhabi’s Global Market has announced it has published amendments to its Beneficial Ownership and Control Regulations 2022.
The 2022 Regulations repealed and replaced the Beneficial Ownership and Control Regulations 2018.
The new Regulations aim to ensure the Global Market remains aligned with the requirements of the Organisation for Economic Co-operation and Development and the standards of the Financial Action Task Force.
It also means the new regulations align with federal requirements for anti-money laundering, anti-terrorist financing and financing of illegal organisations and beneficial ownership.
Among other things, the amendments clarify the cascade approach for identifying beneficial owners of Global Market entities. This was recommended by the Task Force and the Organisation for Economic Co-operation and Development.
The amendments clarify that the location of the trustee rather than the applicable law of the trust will determine the scope of application of the relevant regulations, imposing duties on Global Market entities related to updating the record of beneficial owners upon a change of ownership in the entity along with identifying and maintaining a record of nominee directors and persons on whose behalf each nominee director acts.
A transition period has been introduced to allow time for existing Global Market entities to rectify and update their records of beneficial owners and nominee directors as well as update the required particulars and implement other regulatory changes.
The Regulations will come into force at the date of publication for new Global Market entities.
They will come into force six months from the date of publication for existing Global Market entities.
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