Abu Dhabi – Mubasher: The Abu Dhabi Global Market’s (ADGM) board has approved the codification of the present corporate beneficial ownership and control (BOC) regulations to be enacted on 17 April 2018.
The new regulations are aimed at sustaining the stability of the ADGM, along with reinforcing its commitment to comply with global financial crime prevention standards, according to a company statement released on Tuesday.
“The introduction of the new beneficial ownership regime by the enactment of ADGM Beneficial Ownership and Control Regulations marks the new era of openness and transparency. This is the first and only standalone legislation to date,” CEO of ADGM’s Registration Authority Dhaher Bin Dhaher Al Mheiri said.
This step highlights ADGM’s commitment to be a global financial centre that recognises international standards and state-of-the-art practices,head of Financial Crime Prevention Unit FSRA Mohamed Jawad Shalo commented.