Central Bank organises workshop on FATCA

Abu Dhabi, 16th December, 2014 (WAM) – The Central Bank of the UAE organized a workshop on the US Foreign Account Tax Compliance Act (FATCA), to which banks and other financial institutions in the UAE were invited, on Monday, 15 December 2014 at its Head Office in Abu Dhabi. Squire Patton Boggs LLP, a law firm based in Washington D.C., participated in the seminar along with Deloitte.

Mubarak Rashed Al Mansoori, Governor of the Central Bank, inaugurated the workshop. In his welcoming remarks, he touched upon the compliance requirements of the US FATCA and instructions issued by the Central Bank on this matter. He also pointed out that the Central Bank will issue FATCA guidance notes after signing of the FATCA agreement with the United States.

The workshop discussed the FATCA requirements in detail, FATCA Reporting System developed by the Central Bank and included a question and answer session.

The workshop was attended by officials from the Ministry of Finance, the Central Bank, Securities and Commodities Authority, Insurance Authority, Dubai Financial Services Authority, senior representatives of banks and other financial institutions in UAE. This workshop is the third workshop held as part of Central Bank’s awareness raising efforts regarding FATCA requirements