SHARJAH, 22ndMay, 2023 (WAM) — Sharjah Economic Development Department (SEDD) organised a number of workshops for legal purposes, which included “Real Beneficiary Procedures and their Administrative Penalties” as well as “Anti-Money Laundering Procedures, Required Documents and Methods of Certifying them”. These workshops were attended by number of investors and owners of economic establishments operating in the emirate. During the workshops, the legislative frameworks for real beneficiary and combating money laundering were reviewed. The workshops also included a detailed explanation about real beneficiary procedures and their legislative frameworks, as well as they discussed anti-money laundering, administrative penalties, required documents, and method of certifying them. Participants’ inquiries were also answered and the most common questions of interest to investors in this aspect were clarified. These workshops come with the aim of developing and strengthening the regulatory and institutional frameworks for real beneficiary data system in the country, by providing and applying a comprehensive guide that contributes to enhancing the capabilities of company registrants to confront and assess risks. Hamad Al Midfa, Deputy Director of the Legal Affairs Department at SEDD, highlighted that the workshops serve as a testament to the collaborative efforts and complementary roles between federal and local authorities. Their purpose is to ensure strict adherence to regulations by economic establishments, thereby promoting transparency within the business environment and strengthening the country’s endeavors in combating money laundering and terrorist financing. These workshops also contribute to bolstering the country’s international standing in this regard. Furthermore, they aim to establish the nation as a competitive economic hub that adheres to the highest standards of integrity and transparency in financial and commercial control, while effectively addressing unethical practices in business activities. Al Midfa further emphasised SEDD’s commitment to creating an ideal investment climate that supports business continuity, encourages companies to enhance their operations, facilitates the attraction of foreign direct investment, and improves the overall competitiveness of the business environment. These efforts align with several objectives aimed at fostering investment in Sharjah. He also underscored the Department’s ongoing commitment to enhancing its services in collaboration with local and federal agencies to elevate the level of support provided to investors across all economic sectors.
Source: Emirates News Agency
