Anti-Money Laundering (AML)

The Federal Decree Law No (20) of 2018 on Money Laundering and Combatting the Financing of Terrorism and Illegal Organisations and its implementing regulation Cabinet Decision No (10) of 2019 requires Financial Institutions and Designated Non-Financial Businesses and Professions operating in the UAE to follow strict Know Your Customer (KYC) and Risk-Based Assessment (RBA) procedures.

Our team can help you understand the specific money laundering risks associated with your business, which, combined with our expert knowledge of the latest regulations, ensures that your business remains compliant. We can deliver a robust solution that is best-suited to your needs.

To read more about the AML/CFT and its relevance to your business, Click here

Targeted Financial Sanctions (TFS)

Financial Institutions and Designated Non-Financial Businesses and Professions are obliged to comply with Cabinet Resolution (74) of 2020 regarding targeted financial sanctions against particular individuals, entities, groups, or undertakings.

We ease your processes relating to the TFS regimen by developing internal policies, procedures and controls to screen your customers and implement freezing and reporting measures.

Economic Substance Regulations (ESR)

The Cabinet Ministers Resolution No. (57) of 2020 require UAE onshore and free zone companies (referred to as ‘licensees’) carrying out a relevant activity to file a notification (within 6 months from the end of reporting period), and a report (within 12 months from the end of the reporting period). This is to ensure that UAE entities report actual profits that are commensurate with the economic activity undertaken within the UAE, and that they fulfil an economic substance test in the UAE.

We assist you in fulfilling these legal requirements, as well as ensure future compliance by providing the below services:

  • Assess and report on the applicability of ESR
  •  File the ESR notification for the applicable relevant activity
  •  Claim available exemptions for the licensee
  • Complete the reporting of relevant income as per the ESR requirements
  • Checking your MoF corporate account for any updates that need to be addressed
  •  Assistance in appeals and revisions

Country By Country (CbC)

Under the Council Resolution No (44) of 2020 regulating the reports submitted by multinational companies and Action 13 of Base Erosion and Profit Shifting by OECD, large Multinational Groups of Entities (MNEs) are required to file a CbC Report containing a breakdown of the Multinational Group’s global revenue, profit before tax, income tax accrued and some other indicators of economic activities for each jurisdiction in which the MNE operates. This is to eliminate any gap in information between the taxpayers and tax administrations with regards to information on where the economic value is generated within the MNE Group and if this matches its revenue and profits reported globally.

We advise and assist our clients in all aspects as per the CbC guidelines, so as to ensure an accurate, hassle-free submission of the notifications and reports.

Foreign Account Tax Compliance Act (FATCA)

Pursuant to the Model 1B Intergovernmental Agreement with the US, FATCA seeks to eliminate tax evasion by American individuals and businesses that are investing, operating, and earning taxable income in other countries including the UAE by disclosing all accounts, incomes and assets earned by them.

Our team of experts assist Financial Entities and Non-Financial Foreign Entities in the UAE that are required to obtain and report information regarding US Reportable Accounts, to comply with FATCA guidelines, due diligence, and reporting deadlines that may need to be met with respect to its financial accounts.

Ultimate Beneficiary Owner (UBO)

Under the Cabinet Decision No (58) of 2020, all unlisted companies licensed and registered in the UAE are required to maintain registers with information about all owners, beneficiaries, shareholders and nominee board members.

We assist our clients in identifying and filing the UBO information with the regulatory authority.

Other Compliance Requirements

We prepare and implement specific policy manuals, compliance plans, training programmes, and periodical updates to ensure and improve your legal compliance.

Corporate tax Taxable income Tax deductions Tax credits Double taxation Taxable profits Tax planning Transfer pricing Dividend taxation Capital gains tax Thin capitalization Depreciation allowances Audit Financial statements Internal controls Compliance Risk assessment Taxation Income tax Tax returns Tax deductions Tax credits Tax planning Tax liabilities Tax audits Tax compliance Tax regulations Tax law Tax codes Tax exemptions Taxable income Tax implications

Get In Touch

    Partner-Compliance & Consulting

    Sandeep Nair, FCA

    Mobile: +971 55 708 99 56