DIFFERENT ANGLE by Kenneth Rijock
Compliance officers conducting due diligence on Dubai companies will soon have an additional information tool. The Dubai Chamber of Commerce & Industry has decreed that membership is now mandatory for all companies carrying on commercial business in the emirate. Only licensed professionals are exempt. Enterprising compliance officers would be well advised to develop a point of contact at the chamber, to facilitate access to all the available information it can provide to the financial industry.
Investigators in many countries rely upon local chambers of commerce as purveyors of important information concerning company integrity. Complaints about the conduct of members made to chambers are generally available to all who make enquiries.
Whilst the information one obtains at the chamber is not often verified, negative information is a red flag requiring searches of civil litigation records, as well as criminal court checks, and public records searches for recorded judgments, tax liens, and court orders.
The facts and opinions stated in this article are those of the author and not those of World-Check. World-Check does not warrant the accuracy of any facts and opinions stated in this article, does not endorse them, and accepts no responsibility for them.
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