“Abu Dhabi International Authority” imposes financial fines on 23 violating entities

The Financial Services Regulatory Authority in the Abu Dhabi Global Market imposed financial fines with a total value of 610,000 dirhams on 23 entities, due to its violation of the provisions of the regulations of the joint reporting of 2017 and/or regulations of the tax compliance law of foreign accounts for the year 2022.

The regulations apply the international frameworks that obligate the bodies subject to tax reporting to collect information related to foreign account owners, with the aim of combating international tax evasion, and mutual arrangements between the governments implemented by the UAE, in enhancing tax transparency by facilitating the automatic exchange of information on financial accounts between the various areas of specialization.

The measures taken by the Authority of Financial Services in Abu Dhabi cover a number of violations of compliance with the joint reporting criterion and the tax compliance law of foreign accounts, including cases of negligence of the authorities in providing the required risk assessments, providing the required annual data, following the procedures for due care, reporting completely and accurately, and collecting the models of self -declaration valid.

Emmanuel Guevanakis, CEO of the Authority for Organizing Financial Services at the Abu Dhabi Global Market, said that the global Abu Dhabi is fully committed to international standards for tax reporting and emphasizing these measures reflect the strong support provided by the Authority for Organizing Financial Services to enhance the UAE’s adherence to the principles of financial transparency and its compliance with international obligations related to information exchange and added: “We are keen to monitor any practices that are not in line with our commitment By combating tax evasion and dealing with them by applying effective and strict regulations that apply the best international standards in compliance and responsibility in tax reporting.

A copy of the fines of fines issued by the Authority for Regulating Financial Services related to violations of the criteria for joint reporting and the tax compliance law of foreign accounts, through the Abu Dhabi International website.