𝗔𝗟𝗘𝗥𝗧: 𝗜𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁 𝗮𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁𝘀 𝘁𝗼 𝗠𝗶𝗻𝗶𝘀𝘁𝗲𝗿𝗶𝗮𝗹 𝗥𝗲𝘀𝗼𝗹𝘂𝘁𝗶𝗼𝗻 𝗡𝗼. 𝟰 𝗼𝗳 𝟮𝟬𝟮𝟯 𝗿𝗲𝗴𝗮𝗿𝗱𝗶𝗻𝗴 𝗨𝗹𝘁𝗶𝗺𝗮𝘁𝗲 𝗕𝗲𝗻𝗲𝗳𝗶𝗰𝗶𝗮𝗹 𝗢𝘄𝗻𝗲𝗿𝘀 (𝗨𝗕𝗢 𝗥𝗲𝘀𝗼𝗹𝘂𝘁𝗶𝗼𝗻) 𝗵𝗮𝘃𝗲 𝗯𝗲𝗲𝗻 𝗶𝗻𝘁𝗿𝗼𝗱𝘂𝗰𝗲𝗱 𝗯𝘆 𝗠𝗶𝗻𝗶𝘀𝘁𝗲𝗿𝗶𝗮𝗹 𝗥𝗲𝘀𝗼𝗹𝘂𝘁𝗶𝗼𝗻 𝗡𝗼. 𝟭𝟲 𝗼𝗳 𝟮𝟬𝟮𝟱.

𝗞𝗲𝘆 𝗔𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁𝘀:

• 𝘼𝙙𝙙𝙞𝙩𝙞𝙤𝙣𝙖𝙡 𝙀𝙭𝙚𝙢𝙥𝙩𝙞𝙤𝙣𝙨

The list of entities that are exempt from the application of the UBO Resolution has been expanded to include entities listed on international stock exchanges that impose similar disclosure requirements regarding UBOs and their majority-owned subsidiaries as well as entities that are wholly owned by foreign governments.

New entities licensed under the Foreign Direct Investment Law (FDIL) are given a three-month grace period to register their UBO information.

• 𝙋𝙚𝙣𝙖𝙡𝙩𝙞𝙚𝙨

Penalties for non-compliance with the UBO Resolution have been clarified. These include being subject to stricter sanctions, which may apply under anti-money laundering legislation, potential financial penalties, and suspension and de-registration of entities that may apply in relation to breaches of UBO requirements.

ASAR – Al Ruwayeh & Partners is ready to provide expert guidance on these significant legal developments and their implications for your business. Contact us to discuss your specific needs.