Over the last few months, the United Arab Emirates (UAE) have made a few legislative changes in relation to the Ultimate Beneficial Ownership (UBO) regulations as well as the associated administrative penalties, with the issuance of:
- Cabinet Resolution No. 109 of 2023 on the Regulation of the Real Beneficiary Procedures (the “New Resolution”), which came into effect on 16 November 2023 and superseded Cabinet Resolution No. 58 of 2020. The New Resolution applies to all corporate entities incorporated in the UAE mainland and in the non-financial free zones;
- Cabinet Decision No. 132 of 2023 relating to the administrative fines for violations of the New Resolution, which was issued on 15 December 2023 and superseded Cabinet Decision No. 53 of 2021.