COMPLIANCE AND SAFETY

Today, no financial services jurisdiction can hope to succeed unless it is well regulated and transparent. Emirates RAK Free Trade Zone (FTZ) sets the bar very high in terms of Internal, Local, Federal and International compliance, yet keeping customers´ confidentiality at the heart of the system.

Day-to-day operations are managed by the Registrar, under control of the RAK Investment Authority (RAKIA), and the independent and dedicated Financial Services Authority (RAKFSA), as well as the Central Bank of the United Arab Emirates.

In delivering its functions and in considering applications by organizations and individuals wishing to establish businesses within or through Emirates RAK Free Trade Zone (FTZ), the Registrar and the FSA aim to adopt a firm but flexible regulatory approach.

It is of paramount concern to the Government that Emirates RAK Free Trade Zone´s reputation is not tainted by the use of the jurisdiction for money laundering or other illegal purposes. Therefore, all licensed institutions are expected, in accordance with a set of strict guidance, to carry out proper due diligence and "know your customer" checks so that they are satisfied as to the identity of their clients and the legitimate origin of their clients´ funds. Although total confidentiality is ensured by the legislation, the authorities will cooperate with law enforcement agencies and regulators in the case of illegality.

Emirates RAK Free Trade Zone has a well established professional infrastructure, with entrepreneurs at the highest decision-making levels. The RAK Investment Authority has long experience in fast registration and management of innovative companies and ventures. Corporate Services Providers or Ancillary Services must obtain a license from the Registrar, and adhere to the rules and regulations of the legislation. In case of non-compliance or unlawful activities, a series of fines and closure of activity will be enforced.