Financial Crime Prevention

Overview

In 2010, the US Government enacted the Foreign Account Tax Compliance Act (FATCA). The purpose was to increase income tax reporting by US taxpayers on assets held in offshore accounts and through non-US entities.

The UAE's Ministry of Finance (MOF) signed an Inter-Governmental Agreement Model 1B (IGA 1B) with the US Government in June 2015 and commenced reporting on US persons in September 2015 for balances held as at 31st December 2014.

The Common Reporting Standard (CRS), formally referred to as the Standard for Automatic Exchange of Financial Account Information, is an information standard for the automatic exchange of information (AEoI), developed in the context of the Organisation for Economic Co-operation and Development (OECD). The legal basis for exchange of data is the Convention on Mutual Administrative Assistance in Tax Matters.

The UAE signed the Mutual Administrative Assistance in Tax Matters (MAC) in April 2017 and the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (MCAA) in February 2017.

The ADGM signed a Memorandum of Understanding with the Ministry of Finance on 10th July 2016 undertaking to provide the necessary data on an annual basis enabling the UAE Government to meet its international reporting obligations.
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