Abu Dhabi, July 7, 2022 (WAM)-UAE Central Bank (CBUAE) is a financial institution approved by the Organization for Economic Co-operation and Development (OECD) Common Reporting Standards (CRS) (United Arab Emirates LFI).

CRS is a global methodology for automatically exchanging financial accounts and tax-related information with other financial regulators around the world through secure channels.

CBUAE is keen to comply with best international practices and standards, as transparency and compliance with global standards are part of the central bank’s mission to enhance monetary policy and financial stability and protect consumers. .. This underscores the UAE’s commitment to global initiatives to increase tax integrity and transparency and combat tax evasion.

The CBUAE Directive emphasized the need for UAE LFIs and bank account holders to implement the CRS provisions without delay. LFI needs to remind customers of the purpose, purpose, and requirements of CRS.

CBUAE is working with UBF to work with other relevant federal authorities in the country to ensure public awareness of the need to update customer information for all financial accounts, including those related to the insurance sector. I am. LFI and its customers are subject to penalties for failing to maintain the required information.

Fatma Aljabri, Deputy Governor of Financial Crime, Market Behavior and Consumer Protection, said: It also increases foreign income transparency, reduces tax evasion cases and protects the global financial system. ”

WAM / MOHD AAMIR / Hazem Hussein

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