Abu Dhabi Global Market enhances its international commitment with the implementation of common reporting standard regulations
Abu Dhabi Global Market, ADGM, has 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 30th June, 2018. ADGM financial institutions were formerly notified and advised of the CRS requirements and have already commenced collection of the relevant information from 31st December, 2016, for existing accounts, and from 1st January, 2017 for new accounts.
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