Abu Dhabi's financial free zone ADGM has fined 23 entities a total of Dh610,000 ($166,099) for breaching foreign account tax compliance regulations and reporting standards.
The entities were fined by the Financial Services Regulatory Authority of the ADGM, which has been cracking down on violations.
The breaches included failure to adhere to due diligence procedures and to report information in a complete and accurate manner, an ADGM statement on Monday said. Some failed to submit required annual information returns and collect valid self-certification.
“These enforcement outcomes reflect the FSRA’s firm support for the UAE’s commitment to financial transparency and alignment with global commitments to information exchange,” said Emmanuel Givanakis, chief executive of the FSRA.
“We are committed to identifying and addressing practices that do not meet our commitment to combat tax evasion through implementing robust and effective regulations in line with leading global standards of compliance and reporting responsibility."
The intergovernmental arrangements entered into by the UAE enhance global tax transparency by enabling the automatic exchange of financial account data between jurisdictions, the ADGM said.
“The regulations implement international frameworks that require reporting entities to collect and report information on foreign account holders to help combat international tax evasion,” it added.
The ADGM, which opened in 2015, is home to international banks, insurance houses, global asset managers as well as financial technology and cryptocurrency exchanges. It maintains a stringent oversight of companies operating within its jurisdiction and has fined other groups previously for various breaches.
In April, ADGM regulators fined virtual asset trading platform Hayvn Group and its related entities a total of $12.45 million for "serious" rules breaches, while also banning its former chief executive from conducting business in the emirate.
A fine totalling $8.85 million was levied by the FSRA, while ADGM's Registration Authority (RA) imposed penalties of $3.6 million, the financial free zone said at the time.
In addition, Hayvn founder and former chief executive Christopher Flinos was fined $750,000 and barred from conducting financial services business in the ADGM.
Last year, the ADGM fined Sarwa Digital Wealth (Capital) $122,500 for breaching rules; Baker Tilly $62,500 for auditing failures; and six financial institutions more than $46,000 for contraventions in reporting.
Before then, it also levied a $486,000 penalty on FinTech company Pyppl for breaking anti-money laundering rules and hit KPMG Lower Gulf with a $30,000 fine for breaching auditing regulations.
War on waste
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
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BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
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When: 7pm kick off
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Admission: Free
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About Proto21
Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
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Funding: Invested, supported and partnered by Joseph Group
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Company Profile
Company name: NutriCal
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$1,000 award for 1,000 days on madrasa portal
Daily cash awards of $1,000 dollars will sweeten the Madrasa e-learning project by tempting more pupils to an education portal to deepen their understanding of math and sciences.
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