Author: Dr. Angelika Hellweger 15 January 2024
Angelika Hellweger wrote an article outlining how the UAE’s recently-introduced Cabinet Decision No. 109/2023 aims to combat financial crime.
Her piece, which was published by Lexis Middle East Law Alert magazine, explains that the Cabinet Decision’s main focus is changes to the ultimate beneficial ownership (UBO) requirements. She details the changes and the companies that are exempt from the Cabinet Decision.
The Decision addresses the use of ‘complex legal structures’ and the need to improve transparency. It gives the authorities the means to assess the often detailed relationships between entities so as to determine exactly who is benefiting from the movement of illicit funds.
Angelika concludes that Cabinet Decision No. 109/2023 is likely to raise the UAE’s profile as a proactive fighter in the battle against financial crime, as it emphasises the Cabinet’s wish to see greater clarity and improved regulation and enforcement.
The full article can be read here.
Angelika is a specialist in international, high-level economic crime investigations and large-scale commercial disputes. She has widely-recognised expertise in representing corporates and conglomerates in Europe, the Middle East, Africa and United States.