Latest news with #ForeignAccountTaxComplianceAct
Mint
18-07-2025
- Business
- Mint
ITR 2025: Income tax department urges taxpayers to disclose foreign assets, income in their return
In a recent communication, the income tax (I-T) department has urged taxpayers to share details about assets held overseas and income accrued abroad. By disclosing the assets owned in the foreign land in their income tax return (ITR), taxpayers can not only avoid legal issues but also contribute to the country's development at the same time. Notably, the tax department in November last year ran a campaign to warn taxpayers of a ₹ 10 lakh penalty if they fail to disclose foreign held assets or income earned from abroad in their ITR. It is vital for the taxpayers to disclose their foreign assets and income in their income tax returns, reads the communication. The schedule FA (Foreign Assets) in the ITR form is primarily meant for reporting foreign assets, and Schedule FSI (Foreign Source Income) is meant for reporting income from foreign sources. Common Reporting Standard (CRS) and the Foreign Account Tax Compliance Act (FATCA) are international frameworks which help battle tax evasion by increasing transparency and cooperation among income tax authorities around the world. Under these frameworks, the Indian tax department gets access to detailed information about financial accounts held by its residents in foreign jurisdictions. These details include name, address, tax identification number (PAN), account number and balance and income details such as interest, dividends, and other financial proceeds. These details enable the tax department to evaluate the global income of Indian taxpayers and to find those taxpayers who have not revealed their foreign assets and income. The taxpayers can claim tax relief on the taxes paid overseas by filing Schedule TR (Tax Relief) along with Form 67 online. However, failure to disclose foreign assets and income can lead to strict penalties and even prosecutions per the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, income tax department has revealed in its latest communication. Compliance: Being transparent in declaring foreign assets in tax returns shows a taxpayer's commitment to compliance and good governance. It also fosters trust with tax authorities and avoids unnecessary scrutiny. Tax reliefs: Correct reporting enables taxpayers to claim tax relief on taxes paid overseas, thus avoiding double taxation and optimising their tax liabilities. For all personal finance updates, visit here
Time Business News
20-06-2025
- Business
- Time Business News
TINs Under FATCA and CRS: The Global Net Closing on Financial Secrecy
VANCOUVER, Canada | A new financial reality is taking hold. In the shadows of the world's most secure bank vaults, in the ledgers of Caribbean trusts, and within the metadata of cryptocurrency exchanges, one number is changing everything: the Taxpayer Identification Number (TIN). Once an obscure tax filing tool, the TIN has become the spearhead of a global crackdown on financial secrecy, guided by the power of FATCA and the Common Reporting Standard (CRS). With over 120 countries now exchanging TIN-linked data across borders, the promise of anonymous wealth is vanishing fast. This comprehensive press release examines how TINs operate under FATCA and CRS, why they represent the new DNA of global finance, and how institutions—and individuals—are responding to the pressure of compliance in an increasingly transparent world. The TIN Revolution: From Local Filing Code to Global Financial Identifier A TIN, whether it's a U.S. Social Security Number (SSN), Canadian Social Insurance Number (SIN), UK Unique Taxpayer Reference (UTR), or Indian PAN, is now more than an administrative tag. It is a globally traceable identifier used to link people and entities to offshore accounts, hidden trusts, shell corporations, and undeclared investment income. TINs allow tax authorities to: These outcomes are made possible by two robust global systems: the U.S.-driven Foreign Account Tax Compliance Act (FATCA) and the OECD's Common Reporting Standard (CRS). FATCA and CRS: Two Forces, One Net FATCA – U.S. Power, Unilateral Reach The Foreign Account Tax Compliance Act (FATCA), enacted in 2010, requires foreign financial institutions (FFIs) to report information on U.S. persons to the Internal Revenue Service (IRS). Institutions that fail to comply are penalized with a 30% withholding tax on U.S.-source income. U.S. persons—including citizens, green card holders, and certain corporations—must provide a valid U.S. Taxpayer Identification Number (TIN) to banks abroad, or risk having their accounts closed or reported as non-compliant. CRS – OECD's Multilateral Masterstroke The Common Reporting Standard (CRS) is a global information exchange initiative introduced by the Organization for Economic Co-operation and Development (OECD) in 2014. It functions similarly to FATCA but is multilateral and reciprocal in nature. More than 120 jurisdictions, including most of Europe, Asia, and Latin America, now share information on foreign financial accounts held by individuals and entities. At the heart of CRS? The TIN. TINs: The Anchor of Automatic Exchange of Information (AEOI) Under FATCA and CRS, banks and financial institutions must report: Name Address Jurisdiction(s) of tax residence TIN(s) Date of birth Account number Balance or value Income generated (e.g., interest, dividends, proceeds from sale) If the TIN is missing, incorrect, or inconsistent with known residency information, the account may be reported to multiple tax authorities or flagged for audit. Case Study: The Dual Citizen Exposed by TIN Conflicts In 2023, a dual citizen of the United States and Australia opened investment accounts in Singapore using an Australian passport and declared only his Australian Tax Identification Number (TIN). However, the individual also held a U.S. Social Security number (SSN), and prior FATCA data had already flagged him in a separate filing. When Singapore's CRS data was cross-referenced with FATCA entries in the IRS's systems, the mismatch triggered an investigation. The individual was found to have underreported over $1.2 million in investment income over a five-year period and was fined heavily. The Death of Anonymous Offshore Banking In the past, an individual could hide assets offshore through: Shell companies with nominee directors Undisclosed trusts in Caribbean or Pacific jurisdictions Unregulated crypto wallets Anonymous bearer shares Tiered ownership across low-transparency countries Today, nearly all of these tactics have been rendered ineffective by FATCA and CRS due to one key requirement: the collection and reporting of TINs. Every shell company must now disclose its Ultimate Beneficial Owners (UBOs) along with their Tax Identification Numbers (TINs). Every trust must register the TINs of settlors, trustees, and beneficiaries. Every crypto platform subject to the OECD's new Crypto-Asset Reporting Framework (CARF) must collect and transmit users' Taxpayer Identification Numbers (TINs). TINs and the Machine: AI-Driven Financial Surveillance Tax agencies and compliance institutions now utilize artificial intelligence to analyze the massive flows of TIN-linked data they receive annually. These systems identify: Duplicate or fraudulent TINs TINs registered to deceased persons TINs linked to multiple high-risk jurisdictions TINs used in accounts with transactional patterns indicative of layering or structuring These alerts lead to proactive audits, coordinated international investigations, and often criminal referrals. Amicus Advisory: The New Landscape of Legal Identity Amicus International Consulting offers strategic compliance services to clients worldwide, ensuring lawful restructuring in light of TIN-related risk. Services include: Global TIN consistency audits for individuals and businesses Rectification of mismatched, outdated, or invalid TIN records Advising on CRS/FATCA-compliant structuring of trusts, entities, and second residencies Guidance on voluntary disclosure to minimize penalties TIN-aligned offshore compliance strategies that preserve financial privacy without breaching the law 'Most exposure is unintentional,' says one employee of Amicus. 'We help clients rebuild their financial footprint around clarity and legality, not secrecy.' Case Study: Offshore Property Flagged by TIN Records In 2024, a British entrepreneur's offshore property in Portugal was flagged by HMRC after a Portuguese financial institution submitted a CRS report, which listed the entrepreneur's UK Taxpayer Identification Number (TIN). The individual had never declared the property on their UK tax filings. Using the TIN as the anchor, HMRC accessed transaction history, title records, and even a renovation loan registered to the same TIN, resulting in a full tax reassessment and retroactive penalties. CRS + FATCA + CARF: The Total Transparency Framework TINs are now central not only to FATCA and CRS, but also to the OECD's new Crypto-Asset Reporting Framework (CARF), which takes effect as of January 2025. Under CARF, TINs are required for: Crypto wallet openings Tokenized asset purchases Staking and lending platforms DeFi (decentralized finance) protocols, if jurisdictionally covered The scope of TIN-linked tracking is now: REGIME SCOPE WHO REPORTS USE OF TIN FATCA U.S. Persons Foreign Banks Required for ID and enforcement CRS Global Participants Local Banks Matches with home tax returns CARF Crypto Platforms Exchanges and Wallets Connects users to tax obligations TINs and Risk Ratings: Why Institutions Monitor the Numbers Financial institutions now integrate TIN data into their client risk rating systems. For example: Clients with TINs from high-risk or sanctioned countries receive enhanced due diligence Clients with multiple TINs must explain overlapping residencies Clients with unrecognized or expired TINs may be denied account access This impacts not only account approvals but also transaction clearance times, credit issuance, and internal reporting to regulators. Legal and Financial Consequences of TIN Mismanagement Misuse, non-disclosure, or manipulation of TINs can lead to: Civil penalties of up to 300% of the tax owed Criminal prosecution for tax evasion or fraud Confiscation of assets linked to undeclared income Cross-border arrests and extradition (in extreme cases) Blocklisting of associated corporate or personal accounts Case Study: The TIN That Triggered a Tax Rebellion A South African executive's TIN, linked to a Panama-based trust, was disclosed in a 2023 CRS exchange. While the executive believed the structure was legally opaque, the TIN used during trust setup provided a direct link to his residency and triggered a significant investigation. Ultimately, the executive entered into a public settlement and became a case study for the risks associated with financial opacity. Amicus Case File: TIN Reconciliation to Avoid Disclosure Fallout A Canadian Israeli entrepreneur approached Amicus after receiving FATCA inquiries linked to a dormant U.S. LLC. Amicus performed a TIN alignment and voluntarily disclosed the entity under Canada's tax amnesty program. Outcome: Avoided criminal charges Paid penalties at a reduced rate Cleared the way for future CRS-compliant investment structures The Path Forward: Strategic Transparency with Legal Shielding True privacy no longer lies in secrecy, but in lawful clarity. TINs will continue to expand their reach as: Biometric TINs are adopted in high-fraud countries are adopted in high-fraud countries Digital wallets become tied to tax identifiers become tied to tax identifiers Residency and citizenship-by-investment programs adopt stricter TIN checks adopt stricter TIN checks TIN-based sanctions systems link individuals to national enforcement regimes Amicus continues to serve clients facing this new paradigm, not to avoid transparency, but to master it strategically and lawfully. 📞 Contact Information Phone: +1 (604) 200-5402 Email: info@ Website: Follow Us: 🔗 LinkedIn 🔗 Twitter/X 🔗 Facebook 🔗 Instagram About Amicus International Consulting Amicus International Consulting provides strategic legal and financial restructuring services for global citizens, corporate entities, and high-net-worth individuals navigating the complexities of FATCA, CRS, CARF, and global transparency regulations. Amicus offers lawful pathways for protecting assets, ensuring compliance, and preserving cross-border mobility. TIME BUSINESS NEWS
Time Business News
16-06-2025
- Business
- Time Business News
How the U.S. Uses Foreign TINs to Track Citizens Living Abroad
VANCOUVER, BC — In 2025, American citizens living abroad are under closer financial surveillance than ever before. While many expats believe their move overseas shields them from the Internal Revenue Service (IRS), one critical detail ensures they remain visible: their foreign Tax Identification Numbers (TINs). These numbers, assigned by foreign governments for local tax purposes, are now the digital breadcrumbs used by the U.S. government to track, audit, and penalize American citizens, regardless of their location. Amicus International Consulting, a global leader in legal identity change, second citizenship services, and international compliance solutions, reveals how the U.S. uses foreign Taxpayer Identification Numbers (TINs) to track its citizens overseas. This press release explores the evolving role of FATCA, international banking agreements, and TIN-linked data in transnational enforcement. The Foreign TIN: What Is It and Why Does It Matter? A country's tax authority assigns a Tax Identification Number (TIN) to individuals and legal entities for reporting and taxation purposes. Examples include: NIF in Spain in Spain SIN in Canada in Canada CPF in Brazil in Brazil USt-IdNr. in Germany in Germany AFM in Greece When an American citizen opens a bank account, rents property, applies for a mortgage, or declares income in a foreign country, they are often assigned a local Taxpayer Identification Number (TIN). These foreign TINs are increasingly shared with the U.S. under global transparency agreements. FATCA: The Engine of U.S. Global Tax Surveillance The Foreign Account Tax Compliance Act (FATCA), enacted in 2010, remains the most powerful financial surveillance tool the U.S. government has ever created. FATCA requires all foreign financial institutions (FFIs) to: Identify account holders with U.S. citizenship or U.S. indicia Collect and report personal details, including foreign TINs Share account balances, transactions, and identifying data with the IRS More than 110 countries have signed Intergovernmental Agreements (IGAs) under the Foreign Account Tax Compliance Act (FATCA), making compliance mandatory. The result? Foreign TINs of American expats are now tied directly to IRS databases. How the IRS Uses Foreign TINs The IRS cross-references foreign TINs with U.S. tax records to: Confirm foreign income and assets are properly declared Detect undisclosed offshore accounts Enforce Foreign Bank Account Report (FBAR) compliance compliance Track dual citizens with undeclared foreign residency Audit Americans who claim the Foreign Earned Income Exclusion (FEIE) or Foreign Tax Credit (FTC) In essence, the foreign TIN acts as a fiscal tracer, providing the IRS with a second, non-U.S. data point to verify or challenge expatriate tax filings. Case Study: The U.S. Teacher in Germany In 2024, a U.S. citizen working at an international school in Berlin registered with German tax authorities and received an Identifikationsnummer (IdNr). She opened a German bank account, reported her local salary, and filed German taxes. Despite filing U.S. tax returns with the Foreign Earned Income Exclusion (FEIE), she failed to include her foreign Taxpayer Identification Number (TIN) or file an FBAR disclosing the German account. Under FATCA, her German bank automatically reported her ID number, account balance, and address to the IRS. Result: a $10,000 FBAR penalty and a triggered IRS audit for three years of filings. The Role of CRS in Supporting U.S. Surveillance Although the U.S. is not a direct participant in the OECD Common Reporting Standard (CRS), it benefits from overlapping data flows. Many CRS-participating countries also have FATCA IGAs, meaning dual compliance results in foreign TIN and account information being shared with the U.S., even indirectly. This is especially relevant for: Dual nationals using a foreign passport to open accounts using a foreign passport to open accounts Green card holders abroad who claim non-U.S. residency abroad who claim non-U.S. residency Expats who assume foreign income is out of the IRS's reach Foreign TINs submitted to local banks are now matched against U.S. records, enhancing IRS enforcement. TIN Matching and Biometric KYC in 2025 By 2025, most foreign financial institutions are expected to utilize biometric KYC tools in conjunction with TIN verification. When a U.S. citizen provides: A local TIN A U.S. passport or green card A U.S. phone number or address … the system triggers a compliance alert under the Foreign Account Tax Compliance Act (FATCA). These digital onboarding systems now: Automatically log foreign TINs with IRS-mandated data Connect biometric records to known U.S. tax filers Track dual usage of TINs and passports across accounts U.S. citizens living abroad are often unaware of this, mistakenly believing their 'foreign status' gives them privacy or exemption. It does not. Multi-TIN Dilemma: When Two Numbers Create Double Exposure U.S. citizens living abroad often hold: A U.S. SSN A foreign TIN in their country of residence Both numbers are now required in most tax and bank filings. However, improper or incomplete reporting can result in: Double taxation CRS/FATCA data mismatch alerts Frozen accounts or denied access to local services IRS audits due to 'undeclared residency' suspicion Amicus International specializes in TIN harmonization, helping clients legally reconcile and manage multi-TIN obligations across borders. Case Study: The Digital Nomad Flagged in Two Jurisdictions A dual U.S.-French citizen opened a freelance income account with a bank in Lisbon using a French passport and TIN. The bank flagged the account due to U.S. indicia (a U.S. mailing address), triggering FATCA compliance. The U.S. IRS received his foreign TIN, account data, and declared residency—none of which were disclosed on his U.S. tax filings. The IRS initiated an audit for unreported income and foreign accounts. Amicus intervened, assisted in amending tax returns, and coordinated filings under the IRS Streamlined Foreign Offshore Procedure to avoid criminal exposure. Penalties for Failing to Declare Foreign TINs The IRS has grown aggressive in enforcing reporting obligations. U.S. citizens who fail to declare accounts, foreign TINs, or foreign income face: $10,000+ FBAR penalties per account, per year per account, per year Foreign Account Compliance Act violations Civil and criminal fraud penalties Loss of eligibility for foreign income exclusions In rare cases, loss of passport under IRC § 7345 (Revocation of Passport in Case of Certain Tax Delinquencies) The burden is on the citizen, not the IRS, to ensure foreign TINs and accounts are properly declared. Amicus Solutions: TIN Strategy for American Expats Amicus International offers tailored solutions for U.S. citizens abroad who seek to protect themselves from: Regulatory overreach IRS audits and penalties Unwarranted data exposure TIN mismanagement or duplication Services include: Legal second citizenship that may allow renunciation of U.S. citizenship that may allow renunciation of U.S. citizenship TIN harmonization to align U.S. and foreign filings to align U.S. and foreign filings Multi-jurisdictional audit defence and voluntary disclosure navigation and voluntary disclosure navigation Cross-border estate and tax planning using compliant foreign structures using compliant foreign structures Secure identity transition services for whistleblowers or politically exposed individuals Amicus does not assist with tax evasion or illegal offshore structuring. All strategies comply with U.S. and international law. Can You Avoid FATCA Reporting by Refusing a Foreign TIN? No. FATCA compliance is built into the onboarding systems of most global banks. If you do not provide a valid local TIN: The bank may refuse to open your account The account may be frozen or closed You may be labelled 'recalcitrant' and reported anyway U.S. fines or enforcement may be applied regardless of your location TIN transparency is now a non-negotiable element of financial participation in the international system. Final Word: The TIN Tells the IRS Where You Are—Even If You Don't In 2025, foreign TINs will be how the U.S. IRS finds, profiles, and penalizes citizens abroad. The illusion of offshore privacy has evaporated. Every financial institution you deal with—from Dubai to Dublin—now collects, verifies, and shares your TIN if you're an American. But there are legal, strategic ways to navigate this new world: Restructure your legal residency Declare your foreign assets properly Consider second citizenship if appropriate Align your U.S. and foreign TINs with professional help Amicus International Consulting helps clients worldwide protect their identities, remain compliant, and preserve their financial freedom in the face of growing U.S. extraterritorial surveillance. Contact InformationPhone: +1 (604) 200-5402Email: info@ Website:
Time Business News
24-04-2025
- Business
- Time Business News
Renouncing U.S. Citizenship in 2025: A New Identity, a New Future
VANCOUVER, BRITISH COLUMBIA – Amid growing global tensions, increasing taxation, and sweeping digital surveillance policies, more Americans than ever are choosing to renounce their U.S. citizenship and start over—legally, securely, and discreetly—with new identities. Amicus International Consulting , a world leader in second passport and identity transformation services, reports an unprecedented rise in demand for citizenship renunciation and new identity planning services in 2025. This press release provides an in-depth look at the motivations behind this dramatic shift, the intricate process of legal renunciation, the consequences of staying tethered to the U.S. tax regime, and the roadmap to personal sovereignty. 📉 The Changing Value of the U.S. Passport For decades, the U.S. passport has been a symbol of global mobility and national pride. But for many, particularly expatriates and high-net-worth individuals, it has become a liability—one that binds them to a complex web of taxation, financial scrutiny, and global stigma. Unlike most countries, the United States imposes citizenship-based taxation. This means that regardless of where an American lives or earns income, they must report worldwide earnings to the Internal Revenue Service (IRS), often hiring expensive tax consultants and facing legal exposure. 'What used to be an asset is now an anchor,' says a representative of Amicus International Consulting. 'You can work abroad, live abroad, and never set foot in the U.S. again—but you'll still pay taxes, report offshore assets, and navigate FATCA compliance for life.' 💰 The Cost of Citizenship: Exit Taxes and Bureaucratic Hurdles Renouncing U.S. citizenship is not free, and it's no longer easy. The renunciation fee now stands at $2,350, the highest of any country worldwide. But the cost doesn't stop there. The exit tax, applied to individuals classified as 'covered expatriates,' includes a tax on unrealized capital gains across all assets. Individuals with a net worth above $2 million or average annual tax liability above a certain threshold are especially affected. 'Imagine being taxed as if you sold your entire estate the day before you left,' explains Amicus. 'It's financial punishment for wanting to leave.' ⚖️ Citizenship Revocation and Asset Control The U.S. has added another restriction layer: passport revocation for tax debt. Passports can be revoked or denied if the IRS accuses citizens of owing over $50,000 in back taxes, even without a formal adjudication. Over 300,000 Americans were impacted by this law in 2024 alone. Simultaneously, American citizens face de-banking abroad. Financial institutions across Europe, Asia, and Latin America increasingly refuse to serve U.S. persons due to compliance costs under the Foreign Account Tax Compliance Act (FATCA). 'No one wants American clients anymore,' notes Amicus. 'Not because they're bad clients—but because they're walking liabilities.' 🌐 The Emerging Global Digital Tax Grid The push for global tax harmonization, led by the OECD and G20 nations, aims to standardize tax reporting across jurisdictions. As nations introduce central bank digital currencies (CBDCS) and phase out physical cash, financial privacy becomes nearly impossible. 'If you think the IRS knows too much now, wait until all transactions are digital and reportable in real-time,' says Amicus. In this climate, securing an offshore presence, a second passport, and discrete asset structures is more than strategic—it's essential for survival. 🕵️ Real-World Examples: Why Clients Act Now Case 1: The Fintech Entrepreneur A 36-year-old founder of a cryptocurrency firm based in Estonia faced increasing scrutiny from U.S. regulators despite living abroad for years. After Amicus International Consulting helped him renounce U.S. citizenship and secure St. Kitts citizenship through investment, he regained control of his financial freedom. He began using European private banking services without restrictions. Case 2: The Dual-National Retiree A retired dual-national living in Portugal received notice that his U.S. brokerage would close his account. FATCA had made him an undesirable client. Through Amicus, he renounced his citizenship, paid the one-time exit tax, and transitioned into a legal Panamanian identity, regaining access to international financial institutions. Case 3: The Political Journalist A journalist known for critical reporting on U.S. foreign policy was placed on a watchlist, leading to repeated secondary screenings at airports. Through Amicus, she acquired Caribbean second citizenship and now travels visa-free across Europe and Asia without fear of retaliation or visibility. 📑 The Process: Legal, Complex, but Doable Amicus International Consulting specializes in simplifying this complex journey. Their services include: Legal Name Change : In jurisdictions with simplified administrative frameworks. : In jurisdictions with simplified administrative frameworks. Second Passport Acquisition : Through investment, marriage, descent, or naturalization. : Through investment, marriage, descent, or naturalization. Exit Tax Mitigation : Structuring assets legally to minimize taxable exposure. : Structuring assets legally to minimize taxable exposure. Anonymous Travel Arrangements : Through biometric-silent identity documents and secure routing. : Through biometric-silent identity documents and secure routing. Relocation Support: Housing, bank accounts, and social integration abroad. 'You don't just need a lawyer—you need a strategist, a privacy engineer, and a relocation expert. That's what we provide,' says Amicus. 🌍 The Urgency to Act: The Window is Closing Legislation is evolving rapidly. Several proposals in the U.S. Congress and global institutions threaten to: Double the renunciation fee Make exit taxes permanent on post-expatriation income Impose penalties on family members who assist in expatriation 'Once they flip the switch to digital-only currencies, your window closes. You'll be watched, tracked, and taxed no matter where you live,' warns Amicus. The firm urges anyone considering renunciation to act within 6 to 12 months, before global agreements cement an irreversible system. 🧭 The Amicus Solution: Freedom Engineered Since its founding, Amicus International Consulting has positioned itself as a confidential provider of strategic second citizenships, legal identity change, and high-level asset migration. Its clients include: Political dissidents High-net-worth individuals Digital entrepreneurs Privacy advocates Dual nationals with complex exposure By leveraging international partnerships, discreet channels, and legal frameworks, Amicus ensures a smooth, secure, and compliant transition from one identity to another. 🛑 Final Thought: Delay is the Enemy of Liberty Every week you wait, legislation grows, oversight tightens, and the ability to act shrinks. 'Freedom isn't free—but it's still possible. You have to claim it before it disappears,' concludes Amicus. 📞 Contact Information Phone: +1 (604) 200-5402 Email: info@ Website: Follow Us: 🔗 LinkedIn 🔗 Twitter/X 🔗 Facebook 🔗 Instagram TIME BUSINESS NEWS
Gulf Today
26-03-2025
- Business
- Gulf Today
CBUAE imposes financial sanctions on 5 banks, 2 insurance companies
The Central Bank of the UAE (CBUAE) imposed financial sanctions totalling AED2,621,000 on five banks and two insurance companies operating in the UAE for non-compliance with the reporting procedures required by the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) guidelines. The sanctions were imposed due to the institutions' failure to meet compliance standards, particularly in due diligence and the accuracy of financial reporting, despite the CBUAE granting all licenced financial institutions ample time for rectification. The CBUAE affirmed that this step enhances the quality of the UAE's financial system, and aligns with its commitment to global initiatives promoting the integrity and transparency of tax systems and combat tax evasion, thereby preserving the UAE's position as a financial centre adhering to global best practices. WAM
