1. BENEFICIAL OWNERSHIP REGIME

1.1 The ability to identify the ultimate beneficial owner of a legal entity is crucial to ensuring a transparent financial system, particularly for the purposes of tax transparency, anti-money laundering and counter-terrorist financing.

1.2 AFSA is now consulting on proposed amendments to the Companies Regulations to adopt a regime whereby new and existing entities within the AIFC are required to:

(a) identify their beneficial owners;

(b) provide the Registrar with certain particulars of their beneficial owners;

(c) maintain a register of their beneficial owners containing specified information on each; and

(d) keep a register of Nominee Directors, being directors who are required to act in accordance with the instructions of a third party.

Question 1: Do you agree with the introduction of a beneficial ownership regime in the AIFC?

Question 2: Do you agree that the register of beneficial owners should be provided to the Registrar and kept by the company but not made public?

Question 3: Do you have any comments on the proposed legislation?