Ministry of Commerce, Industry, and Investment Promotion: Ministerial Decision 630/2022 Issuing the Regulation Governing the Procedures for Identifying the Beneficial Owner

Arabic

Based on the Commercial Register Law 3/74,

the Commercial Law promulgated by Royal Decree 55/90,

the Law of Anti-money Laundering and Counter-terrorist Financing promulgated by Royal Decree 30/2016,

the Commercial Companies Law promulgated by Royal Decree 18/2019,

the Foreign Capital Investment Law promulgated by Royal Decree 50/2019,

and Royal Decree 97/2020 Amending the Name of the Ministry of Commerce and Industry to the Ministry of Commerce, Industry, and Investment Promotion, Determining Its Competences, and Adopting Its Organisational Structure,

and in pursuance of public interest,

it is hereby decided

Article I

The provisions of the attached regulation shall apply in regard to the governance of the procedures for identifying the beneficial owner.

Article II

Commercial companies shall rectify their status in accordance with the provisions of the attached regulation within one month from the date of its entry into force.

Article III

This decision shall be published in the Official Gazette, and comes into force on the day following the date of its publication.

Issued on: 4 Jumada Al-Akhirah 1444
Corresponding to: 28 December 2022

Qais bin Mohammed bin Moosa Al-Yousef
Minister of Commerce, Industry, and Investment Promotion

Published in Official Gazette 1474 issued on 1 January 2023.