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UAE Ministry of Finance Granted Powers to Implement Automatic Exchange of Financial Information

In a significant move, the United Arab Emirates (UAE) Ministry of Finance has been granted powers to implement the Multilateral Administrative Agreement for the Automatic Exchange of Financial Information (“Decree 48”). This agreement aims to curb tax evasion and promote transparency in international financial transactions.

Implementation Strategy

As part of its implementation strategy, the UAE Ministry of Finance will work closely with the Central Bank of the United Arab Emirates (CBUAE) to ensure a seamless rollout. The CBUAE will conduct thematic reviews and organize awareness events for supervised sectors, including licensed exchange houses, to educate them on the new requirements.

Strengthening AML/CFT Framework

The move is part of the UAE’s efforts to strengthen its anti-money laundering and combating the financing of terrorism (AML/CFT) framework. The country has made significant strides in recent years, with the CBUAE conducting outreach programs and publishing guidance documents for financial institutions.

Sanctions Imposed on Non-Compliant Institutions

In related news, the CBUAE has imposed several sanctions on financial institutions operating in the UAE, including exchange houses and banks, for non-compliance with AML/CFT regulations. The penalties ranged from financial sanctions to monitoring requirements.

National Strategy Revised

The UAE’s National AML/CFT Committee, chaired by the Governor of the CBUAE, has also revised the country’s national strategy to address money laundering and terrorism financing risks. The committee’s efforts are supported by an enhanced national action plan that outlines initiatives with multiple domestic stakeholders and authorities.

Enhancing Reputation as a Financial Hub

The implementation of Decree 48 is expected to enhance the UAE’s reputation as a transparent and compliant financial hub, attracting more foreign investment and promoting economic growth.

For more information on the UAE’s AML/CFT efforts, please click here.