Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, has chaired the 10th meeting of the higher committee that oversees the national strategy on anti-money laundering and countering the financing of terrorism.
The committee on Thursday reviewed the progress made and discussed future plans.
Hamid Al Zaabi, director general of the Executive Office of Anti-Money Laundering and Countering the Financing of Terrorism, presented the latest developments on the UAE's action plan and efforts made to combat such activities.
He told the committee the UAE has so far collected real beneficiary data from 89 per cent of firms registered in the UAE. This information records who the ultimate beneficiary of a company or transaction is.
To curb money laundering, the Ministry of Economy also fined establishments that failed to comply with the rules.
Companies can be fined Dh15,000 for each offence.
The Ministry of Interior and the Dubai Public Prosecution also gave a presentation on their efforts to counter money laundering and terrorism financing.
The meeting was attended by a number of senior officials.
Company info
Company name: Entrupy
Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist
Based: New York, New York
Sector/About: Entrupy is a hardware-enabled SaaS company whose mission is to protect businesses, borders and consumers from transactions involving counterfeit goods.
Initial investment/Investors: Entrupy secured a $2.6m Series A funding round in 2017. The round was led by Tokyo-based Digital Garage and Daiwa Securities Group's jointly established venture arm, DG Lab Fund I Investment Limited Partnership, along with Zach Coelius.
Total customers: Entrupy’s customers include hundreds of secondary resellers, marketplaces and other retail organisations around the world. They are also testing with shipping companies as well as customs agencies to stop fake items from reaching the market in the first place.
The biog
Born: near Sialkot, Pakistan, 1981
Profession: Driver
Family: wife, son (11), daughter (8)
Favourite drink: chai karak
Favourite place in Dubai: The neighbourhood of Khawaneej. “When I see the old houses over there, near the date palms, I can be reminded of my old times. If I don’t go down I cannot recall my old times.”
