UAE anti-money laundering: Registration for non-financial entities, individuals extended until April 30

Ministry of Economy extends deadline for registration of designated non-financial businesses & professions in anti-money laundering regulations until 30 April

The Ministry of Economy (MoE) announced the extension of the deadline granted to Designated Non-Financial Businesses and Professions (DNFBPs) to register in the systems approved for countering money laundering and combating the financing of terrorism, until the end of April 2021. The extension has been granted due to a large number of companies in the sector coming forward to register in the last days of the previous deadline, which expired on March 31, 2021. Furthermore, the unusual circumstances faced by companies and the business sector in the wake of Covid-19 pandemic has also been taken into consideration.

The Ministry explained that it is mandatory for the targeted companies, which include brokers and real estate agents, auditors, dealers of precious metals and gemstones, and corporate service providers, to register in the goAML system and the Automatic Reporting System for Sanctions Lists before the end of the new deadline. The registration in these systems can be done free of cost. After the registration, they should also take the specified measures to ensure full compliance with the requirements of Federal Law No. 20 of 2018 on anti-money laundering, combating the financing of terrorism and illegal organizations, and their implementing regulations and relevant decisions.

The Ministry called on the concerned companies to take advantage of the new extended period for registration to avoid the penalties and fines stipulated in the law, which will be imposed starting from May 1, 2021. Fines start from AED 50,000 and go up to AED 5 million, while the penalties for companies that fail to register could even lead to the revocation of the license or closure of the facility itself.

Working With The Best Accounting Firms In Dubai For A Proper Accounting Process

accounting firms in Dubai

Accounting is a primary significance for any business company. It will provide valuable visions into the financial health of the firm. The Accounting Firms In Dubai will have an in-house team for accounting, audit and financial management. However, a right viewpoint option will be to outsource accounting and audit activities. There are reputed professional agencies specialised in accounting Outsourcing services in Dubai. Allow your company is small, medium or large, a precise idea about the fund obtainable and payables will be essential for planning expansion.

Professionals Guidance

The Accounting Services In Dubai will have experts with great experience in the area. Those with confirmed quality can better guide you about the formulation of business policy, financial planning, financial management and supervisory.

The team in your firm might be involved in the organisational tasks. Therefore, they might be screen to lots of of the limitation. The outsourced company, being an external organization, will have an aeroplane view about the company’s developments and weak areas. They have professional skills gained from working with various companies. Thus, they can indicate errors in financial management and strategies.

Also Read :- Free Zone Auditing

Help in Risk Management

You are necessary to take considered risks for the development of your business. A wrong decision can find your business in risk. Accounting Firms In Dubai A complete study is obligatory before moving further with new achievement, growth and change in the method of business.

The comprehensive account will hold the pros and cons of a specific financial decision. Furthermore, the way further to reduce/ eliminate risks throughout future operations.

Avoiding Budget Overheads

The revenue of outsourcing the accounting services is much more than the payment made to them. The trustworthy accounting firm will guide you regarding needless budget overheads, in addition to, the steps to pay a debt the problem. Thus, the money spent on an accounting service will save lots of money for you.

 

Major Reasons Of Hiring Professional Auditing Services In Dubai

Professional Auditing Services In Dubai

Professional Auditing Services In Dubai – Whether is a small, medium, or even big size of businesses also, it doesn’t matter what the number of staffs or list of business, competent and correct bookkeeping can make the better organization.

Accounting is properly done right which makes sure that records are always updates and provide precise data that can be utilized to assess what they deliver and request for products or services are.

Accounting can be done in-house or it is outsourced also. And, professional Accounting Services In Dubai will make sure that the main intentions of the business are being come across with their know-how in bookkeeping.

The Professional Auditing Services In Dubai will not assist to maintain correct records, but will be a key importance in the development of the company, assisting it to come across and go beyond business objectives.

Here are the main reasons how it makes dissimilarity to any business:

You will become acquainted with your income and expenses to the final cent. No more presuming about how much earnings was produced and how much was used up. This will allow you to take the right decisions when it comes to building a business strategy for the future.

A professional bookkeeping service cans also assist to pick up debts from vocal or forgotten sources; therefore returning your money that is long deserved.

A bookkeeper with exact know-how in the nature of your business can offer you with professional advice and information that will get it convenient when you make future plans. The guidance of a niche professional can never be undervalued.

When you outsource your needs to a professional accounting service, you can be guaranteed that you will never be delayed for any financial deadlines, whether it is for invoice creation or for accounts receivable statements. This means collections will be done on time and revenues will be smooth leading to a much better condition of finances for the organization.