32 C
Kuwait City
September 30, 2020
Gulflance
Home » UAE aid in 5 years: Dh108 billion, says Sheikh Mohammed – News
Khaleejtimes

UAE aid in 5 years: Dh108 billion, says Sheikh Mohammed – News

Source link


The Dubai Ruler has enacted the Common Reporting Standard Law Amendment Law No. 6 of 2020 of the DIFC.

Individuals can be penalised for providing false self-certifications under the new common reporting standard regulations of the Dubai International Financial Centre (DIFC).

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has enacted the Common Reporting Standard Law Amendment Law No. 6 of 2020 of the DIFC. The DIFC Authority’s Board of Directors issued the new common reporting standard regulations, which came into force on July 30.

Introducing penalties for submitting fake certifications and for financial institutions’ failure to obtain valid self-certifications was among the key changes detailed in the regulations.

These amendments enhance compliance requirements to ensure that Reporting Financial Institutions in the DIFC meet the standard issued by the Organisation for Economic Cooperation and Development (OECD), the authorities said.

Essa Kazim, governor of the DIFC, said: “The amended Common Reporting Standard Law and Regulations provide clear direction for organisations operating within the centre, elevating reporting and compliance standards. Advancing our laws and regulations continues to help us reinforce DIFC’s reputation as a safe, resilient, transparent and business friendly jurisdiction.”

The law reflects the centre’s commitment to maintaining a transparent and robust legal and regulatory framework, aligned with international best practice.

reporters@khaleejtimes.com





Click here to read more news from @khaleejtimes

Related posts

Coronavirus: Dubai fines seven businesses for Covid-19 violations – News

gulflance

All Dubai govt entities to offer services via app: Sheikh Hamdan – News

KT Mobile

Covid-19 cases in China’s Hubei drop below 50 for first time – News

gulflance

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Please spend a minute

Gulflance Poll

Which is worst social media?
Vote Now
close-link

You're currently offline