Definitions
Cab Dec 58/2020 Effective from 25/8/2020In application of the provisions of this Decision, the following terms and expressions shall have the meanings assigned against each, unless the context otherwise requires:
| State: | The United Arab Emirates. |
| Minister: | The Minister of Economy. |
| ministry: | The Ministry of Economy. |
| Decree-Law: | The Federal Decree-Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organizations. |
| Executive Regulations: | The Cabinet Decision No. (10) of 2019 concerning the Executive Regulations of the Federal Decree-Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organizations. |
| Licensing Authority: | The Authority in charge of licensing or registration of the Legal Persons in the State. |
| Registrar: | The entity in charge of supervision of the commercial names register for different types of corporate entities registered in the State, which includes the Licensing Authority. |
| Relevant Entities: | The Governmental Entities in charge of implementation of any provisions of the Federal Decree-Law and the Executive Regulations. |
| Beneficial Owner: | The natural person who ultimately owns or controls the Legal Person, whether directly or through a chain of ownership or control or any-other indirect means, and also the natural person on whose behalf the transactions are being conducted or who exercises ultimate control over a legal person, as defined in Article (5) hereof. |
| Nominee Board Member: | Any natural person who acts in accordance with the directives, instructions or wills of another person. |
| Higher Management: | The decision-making authority in the Legal Person. |
| Register of Beneficial Owner: | A Specific Register of the Beneficial Owners in the Legal Person, which includes all of their data. |
| Register of Partners or Shareholders: | A Specific Register of the Partners or Shareholders in the Legal Person, which includes all of their data. |
| Trustor: | A natural or legal person who transfers the management of his funds to a trustee by virtue of a deed. |
| Trustee: | A natural or legal person who enjoys the rights and authorities granted by the Trustor or the Trust Fund, to manage, use and dispense of the Trustor's funds in accordance with the conditions imposed on him by either of them. |
| Trust Fund: | A legal relationship in which the Trustor places the funds under control of the Trustee for the interest of a beneficiary or for a specific purpose, which funds shall be independent of the Trustor's properties, and the right in the Trustor's funds shall remain under the name of the Trustor or under the name of another person on behalf of the Trustor. |