Abu Dhabi Global Market seeks Public Consultation to codify beneficial ownership of Legal Persons RegulationsADGM RA 31/01/2018
The Registration Authority of Abu Dhabi Global Market (ADGM), today issued a public consultation paper inviting public feedback and comments to codify existing corporate beneficial ownership and control practices in line with international standards and initiatives. Recommendations have been developed following a benchmarking analysis of the regimes applicable in the UK, Guernsey and Jersey. These jurisdictions have been selected as illustrative benchmarks for ADGM purposes and to be aligned with international best practice.
The new regulations will implement new transparency measures on prevention of the use of the legal persons for the purpose of money laundering and terrorism financing. The regulations will create a register of beneficial owners and provide for specific safeguards on accessibility to this register.
These enhancements are part of ADGM's ongoing commitment to continuously improve its framework, in a manner which balances risk based regulations with the needs of market participants.
ADGM invites the public and industry participants to submit their comments to "Consultation Paper No. 01 of 2018" by 28 February 2018 to:
Consultation Paper No. 01 of 2018
Abu Dhabi Global Market Square
Al Maryah Island
PO Box 111999
Abu Dhabi, UAE
Upon the closure of the public consultation, ADGM will consider whether any modifications are required to this proposal. ADGM will then proceed to publish the Beneficial Ownership of Legal Persons Regulations. Final regulations shall be issued on www.adgm.com once approved.
About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by UAE Federal Decree as a broad-based financial centre, ADGM plays a pivotal role in positioning Abu Dhabi as a global centre for business and finance. It serves as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
Based in Abu Dhabi, home to one of the world’s largest sovereign wealth funds and one of the highest concentrations of high-net-worth-individuals in the world, ADGM's strategy is anchored by Abu Dhabi's key strengths including private banking, wealth management, asset management and financial innovation. Comprising three independent authorities: the Registration Authority, the Financial Services Regulatory Authority and ADGM Courts, it enables registered financial institutions, companies and entities to thrive and operate within an international regulatory framework based on Common Law.
Since its inception, ADGM has been awarded the "Financial Centre of the Year (MENA)" for two consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.*
As part of its mandate, ADGM oversees and governs the Al Maryah Island, a designated financial free zone covering 114-hectares of financial and commercial services including residential, retail, leisure, hotel and office developments. For more details of ADGM, please visit www.adgm.com or follow us on Twitter: @adglobalmarket and Linked: ADGM
* Source: The Global Investor Middle East and North Africa (MENA) Awards
For further enquiries, please contact:
Afra Al Rashidi, Senior Manager, Communications
Tel: +971 2 333 8853