The Ministry of Economy asked real estate brokers, precious metals dealers, precious stones, independent accountants and corporate services providers, to update their data, according to a form prepared for this regard, within the framework of implementing Federal Decree No. (20) of 2018 regarding countering money laundering crimes, combating terrorist financing, and financing Illegal organizations, and its executive regulations issued by Cabinet Resolution No. (10) of 2019.
The Ministry asked the owners of these business and non-financial professions to enter some basic information about their companies, according to what was stated in the commercial license, namely: the company name, sector, license number, licensing authority, the country in which the company is located, the name of the company manager, landline, mobile phone number and e-mail.
The Ministry of Economy revealed, last week, in a circular issued by the Minister of Economy Sultan Al-Mansoori, that it had prepared its comprehensive plans to implement its obligations under the decree of the law to confront money laundering crimes, combating the financing of terrorism, financing illicit organizations, and its executive regulations, indicating its keenness not to constitute these Requirements Organizational burdens and significant operating costs.
The Ministry said that it is currently working with a number of its partners on several steps, directly and immediately, regarding taking the necessary measures, to start to achieve the requirements mentioned in the circular for establishments operating in its activities in the state, including commercial free zones for business, and specific non-financial professions, as well as working in a manner A document with the Ministry, to ensure that the state fulfills its obligations in a manner that achieves the public and common interest between the public and private sectors, provided that these facilities are informed of all procedures according to a regular schedule.
- The Ministry requested information about companies, the sector, and the licensing authority.