His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister, may God protect him, in his capacity as Ruler of Dubai, approved amendments to the Law of Joint Reporting Standard No. 6 of 2020 of the Dubai International Financial Center, and the amendments came within the framework of the new regulations issued by the Council Management of the Dubai International Financial Center Authority, regarding the new common reporting standards, which came into effect on 30 July.
The amendments contribute to raising the standard of joint reporting in the DIFC, which reflects the center’s commitment to maintaining a legal and regulatory framework with the highest levels of transparency and in accordance with international best practices. Economic cooperation and development.
The main amendments to the law include the inclusion of a clause for penalties for individuals who provide incorrect “self-testimonials”, and the reporting of financial institutions that were unable to obtain valid “self-certificates”. The law also adopted explanatory materials issued and published by the Organization for Economic Cooperation and Development. To help explain the application of the Common Reporting Standard in the DIFC.
Issa Kazim, Governor of the Dubai International Financial Center, said: “The amendments to the Joint Reporting Standard Law provide clear guidance to institutions and companies operating in the financial center, which contributes to raising reporting and compliance standards, and the continuous development of laws and regulations enhances the position of the DIFC and its reputation as a distinguished destination. With the highest standards of safety, flexibility, transparency and an attractive legal environment for business
