Abu Dhabi- 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, an international financial centre, has asked the public and industry participants to submit their comments to 'Consultation Paper No. 01 of 2018' by 28th February 2018.
Upon the closure of the public consultation, the ADGM will consider whether any modifications are required to this proposal. Then it will proceed to publish the 'Beneficial Ownership of Legal Persons Regulations'. Final regulations shall be issued on ADGM website once approved.
© Copyright Emirates News Agency (WAM) 2018.