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ABU DHABI / WAM
Abu Dhabi Global Market (ADGM), announced it is to implement the Common Reporting Standard (CRS), Regulations in support of the United Arab Emirates’ international obligation in implementing the standards
of joint disclosures and the exchange of information for tax purposes set
out by the G20 and Organisation
for Economic Cooperation and
Development (OECD).
The CRS Regulations have been enacted by the Board of Directors of ADGM and become effective immediately. The regulations are also publicly available and published on ADGM website to advocate transparency and good corporate governance practice.
The CRS Regulations requires all ADGM-registered financial institutions to comply with CRS obligations, with the first annual reporting due date in the UAE on June 30, 2018.
ADGM financial institutions were formerly notified and advised of the CRS requirements and have already commenced collection of the relevant information from December 31, 2016, for existing accounts, and from January 1 this year for new accounts.