ADGM Enhances Its International Commitment with the Implementation of Common Reporting Standard RegulationsADGM 18/07/2017
18 July 2017, Abu Dhabi, UAE: Abu Dhabi Global Market (ADGM) is pleased 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 are made effective immediately. It is 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 30 June 2018. ADGM financial institutions were formerly notified and advised of the CRS requirements and have already commenced collection of the relevant information from 31 December 2016, for existing accounts, and from 1 January 2017 for new accounts.
ADGM would like to thank the Ministry of Finance and other UAE regulators for their ongoing support and will continue to working closely with the Ministry and authorities to uphold the high regulatory practice in Abu Dhabi and globally.
The ADGM Reporting Standard (CRS) Regulations are available on Notices of Publication