Abu Dhabi Global Market released regulations to comply with the Foreign Account Tax Compliance Act

The United Arab Emirates (#uae) on June 17th, 2015 signed into a Model 1 Intergovernmental Agreement (#iga) with the USA (#us) effective (“go-live”) as of July 1st, 2014.

On December 14, 2022, the Abu Dhabi Global Market (ADGM) enacted the FOREIGN ACCOUNT TAX COMPLIANCE REGULATIONS 2022 (“2022 Regulations”) to comply the CABINET OF MINISTERS RESOLUTION No. (63) of 2022.

The 2022 Regulations require UAE FATCA Reporting Financial Institutions to implement appropriate policies and procedures to comply with Cabinet Resolution and the 2022 Regulations and introduce penalties of up to US-$ 67’500 on failure to comply with the regulations.