Abu Dhabi (Special Report)
The Central Bank of the UAE has implemented certain provisions of the Organization for Economic Co-operation and Development (OECD) Multilateral Administrative Agreement on Automatic Exchange of Information and Common Reporting Standard (CRS) by Cabinet Resolution No. 9 of 2021. Financial restrictions have been imposed on 6 banks operating in the United Arab Emirates.
According to the official WAM news agency, CRS is a global mechanism for the automatic exchange of financial accounting and tax information through secure channels with other financial regulatory organizations around the world. Financial sanctions are imposed because banks fail to achieve an adequate level of implementation in terms of required quality and reporting procedures and standards. The central bank had given sufficient time to all banks operating in the country to implement ERS.
