Abu Dhabi - Mubasher: The registration authority of Abu Dhabi Global Market (ADGM) issued on Wednesday a public consultation paper inviting public feedback and comments.

The aim is to codify existing corporate beneficial ownership and control practices in line with international standards and initiatives.

Recommendations have been developed following a benchmarking analysis of the regimes applicable in the UK, Guernsey and Jersey, according to a press release.

These jurisdictions have been selected as illustrative benchmarks for ADGM purposes and to be aligned with international best practice.

The new regulations will implement new transparency measures on prevention of the use of the legal persons for the purpose of money laundering and terrorism financing.

The regulations will create a register of beneficial owners and provide for specific safeguards on accessibility to this register.

These enhancements are part of ADGM’s ongoing commitment to continuously improve its framework, in a manner which balances risk based regulations with the needs of market participants.