ADGM's Financial Services Regulatory Authority fines 23 entities
ABU DHABI (WAM) The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) imposed penalties totalling Dh610,000 on 23 entities for contraventions of the Common Reporting Standard Regulations 2017 and/or the Foreign Account Tax Compliance Regulations 2022.The Regulations implement international frameworks that require reporting entities to collect and report information on foreign account holders to help combat international tax evasion.The underpinning inter-governmental arrangements entered into by the UAE enhance global tax transparency by facilitating the automatic exchange of financial account data between jurisdictions.The actions taken by the FSRA of ADGM address a range of CRS and FATCA compliance breaches, including failures on the part of in-scope entities to submit risk assessment; submit the required annual information return(s); follow due diligence procedures; report information in a complete and accurate manner; and collect valid self-certification forms.Chief Executive Officer of the FSRA at ADGM, Emmanuel Givanakis, said, 'ADGM is committed to upholding international tax reporting standards. These enforcement outcomes reflect the FSRA's firm support for the UAE's commitment to financial transparency and alignment with global commitments to information exchange.''We are committed to identifying and addressing practices that do not meet our commitment to combat tax evasion through implementing robust and effective regulations in line with leading global standards of compliance and reporting responsibility.'A copy of the FSRA's CRS and FATCA penalty notices can be found on the ADGM website.
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