UAE: Updated CRS guidance
Details around anti-avoidance rules with respect to CRS obligations
Details around anti-avoidance rules with respect to CRS obligations
The Ministry of Finance in September 2023 issued updates to the common reporting standard (CRS) guidance to include a new section providing details around anti-avoidance rules with respect to CRS obligations (Section 7).
Specifically, the anti-avoidance section states that a reporting financial institution, an account holder, a controlling person, or an intermediary that enters into an arrangement or engages in a practice primarily aimed at avoiding obligations under the CRS, or UAE laws related to it, will be held accountable for those obligations as if the arrangement or the practice has not been entered into.
The guidance was also updated to remove the section detailing the sanctions imposed by regulatory authorities for invalid self-certifications.
Read an October 2023 report [PDF 205 KB] prepared by the KPMG member firm in the United Arab Emirates
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