The Ministry of Economy conducted a briefing, highlighting updates in the anti-money laundering and counter-terrorism financing system, particularly focusing on real beneficiary procedures. Cabinet Decision No. 109 of 2023 was discussed, aiming to organize these procedures and enforce administrative sanctions for violations. Undersecretary Abdullah Ahmed Al Saleh emphasized the significance of these measures in aligning with global standards set by the Financial Action Task Force. The amendments target enhanced collection and registration of real beneficiary data for around 700,000 enterprises, promoting transparency and compliance. The resolutions also address risk-based approaches, grievance standards, and the establishment of an AML/CFT unit within registrars. Sanctions, ranging from warnings to license suspension, aim to strengthen the UAE’s AML/CFT system and elevate its global economic standing.