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ADGM RA: 1 day ago
The Registration Authority (“RA”) of ADGM, the international financial centre of Abu Dhabi, has imposed financial penalties against Half Moon Investments Limited (“HMIL”) and its three company directors for failures to comply with the duty to file accounts and reports before the end of the statutory period for filing.
HMIL and its three company directors, Mr. Shaukat Murad, Mr. Zia Murad and Mr. Manuel Mateos, each failed to comply with the duty to file accounts and reports for the financial year ending 31 December 2023 before the end of the statutory period for filing.
The RA imposed financial penalties totalling USD 37,500 for the contraventions as follows:
It is the duty of directors of most ADGM-licensed entities to file accounts and reports with the RA of ADGM for each financial year on behalf of the relevant entity. The RA expects ADGM-licensed entities and company directors to adhere to this duty and to contribute towards fostering an environment of continuous compliance.
The RA has a responsibility to ensure adherence to international commitments and standards concerning the provision of accounts, such as the Organisation for Economic Co-operation and Development Global Forum on Transparency and Exchange of Information for Tax Purposes.
The Registration Authority of ADGM said, “Timely and accurate corporate reporting ensures transparency and strengthens market integrity. Company directors must take reasonable steps to ensure that their duty to file accounts and reports with the Registrar is fulfilled and that those accounts and reports are delivered within the period for filing. The RA will continue to take all necessary actions to promote compliance with its filing requirements, reinforce accountability and uphold the integrity of the regulatory system.”
To access a copy of the Final Notices describing the contraventions, click on the following links:
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