General UAE Legal Questions LawCabinet Resolution No. (93) of 2021 Regarding the Implementation of Certain Provisions of the Multilateral Administrative Agreement for Automatic Exchange of Information

Article (1) Definitions For the purposes of implementing the provisions of this Resolution, the following terms and expressions shall have the meanings assigned to each of them, unless the context requires otherwise: State : The United Arab Emirates.

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Cabinet Resolution of 2021 Regarding the Implementation of Certain Provisions of the Multilateral Administrative Agreement for Automatic Exchange of Information 2 Agreement : The Multilateral Administrative Agreement for Automatic Exchange of Information, which was ratified by Federal Decree No. (48) of 2018. Common Reporting Standard (CRS) : The global standard for the Automatic Exchange of Financial Account Information (AEOI) i…

Article (2) Scope of Application 1. This Resolution shall apply to: a. The Reporting Financial Institution; and b. The Account Holder or, where applicable, the Controlling Person who opens a reportable account with the Financial Authority.

Article (3) Regulatory Authorities 1. The following entities shall be deemed Regulatory Authorities for the purposes of implementing the provisions of the Agreement and the CRS: a. The Central Bank of the United Arab Emirates in relation to any Financial Institution that is subject to supervision in accordance with the provisions of the Applicable Laws and Regulations issued by the Central Bank; b. Securities and Commodities Authority in relation to the Financial Institution that is

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Cabinet Resolution of 2021 Regarding the Implementation of Certain Provisions of the Multilateral Administrative Agreement for Automatic Exchange of Information 3 subject to its supervision in acc…

Article (4) Reporting and Record Keeping Duties 1. Each Reporting Financial Institution shall collect the information required to be reported under the Agreement, the CRS, this Resolution, and any Rules, Resolutions or Regulations issued in connection therewith in the State, and shall report such information to the Competent Authority, either directly or through the Regulatory Authority, on the dates

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Cabinet Resolution of 2021 Regarding the Implementation of Certain Provisions of the Multilateral Administrative Agreement for Automatic Exchange of Information 5 specified by that Authority and in accordance with the reporting system established by it for this purpose. 2. Each R…

Article (5) Violations and Administrative Fines 1. The following provisions shall apply to the violation of submitting incorrect or false personal information: a. A fine of (AED 20,000) twenty thousand dirhams shall be imposed on the Account Holder or the Controlling Person, as the case may be, if the statement of personal information and any supporting documents submitted to the Reporting Financial Institution contain incorrect or false information with their knowledge, or if they ought to have known of such incorrectness or falsity. b. Upon the detection of the violation stipulated in Clause (a) of this Article, the Reporting Financial Institution shall notify the Competent Regulatory Auth…

Article (6) Notification of Imposition and Enforcement of an Administrative Fine 1. If the Competent Regulatory Authority decides that the Account Holder or the Controlling Person, or the Reporting Financial Institution has committed any of the administrative violations stipulated in Article (5) of this Resolution and the prescribed administrative fine has been imposed on them, it shall notify them in writing of the following: a. That an administrative violation has been committed, precisely specifying it; b. The date on which the administrative violation was committed; c. The reasons for the decision to impose an administrative fine; and d. The amount of the imposed administrative fine. 2.…

Article (7) Grievance Against the Administrative Fine 1. A person against whom a decision has been issued imposing an administrative fine may file a grievance against such decision before the Regulatory Authority that issued that decision within (20) twenty working days of receiving the notification referred to in Clause (2) of Article (6) of this Resolution. 2. The grievance shall be in writing and signed by the person against whom the decision imposing the administrative fine was issued, or by a person authorized to file the grievance on their behalf, provided that it shall be based on one of the following reasons: a. The person did not commit the administrative violation attributed to the…

Article (8) Inspection and Supervision Authorities For the purposes of implementing the provisions of this Resolution, the Competent Authority may undertake any of the following procedures: 1. Request any information from any Account Holder and any Controlling Person who has an account with the Reporting Financial Institution, including account records and all other records maintained relating to the information or statements provided to that Financial Institution; 2. Request assistance from the Reporting Financial Institution to obtain information or records related to the Account Holder or, as the case may be, the Controlling Person; 3. In the event of suspected commission of any of the ad…

Article (9) Information Exchange 1. The Competent Authority shall provide information related to the Reportable Account on an annual basis to the Competent Foreign Authority in accordance with the form and mechanism specified in the Agreement and under any treaty, agreement or similar international arrangement to which the State is a party relating to the CRS. 2. For the purposes of assisting the State in complying with its obligations under the Agreement and any treaty or agreement to which the State is a party relating to the CRS, the Competent Authority shall exercise the following tasks: a. Issue the necessary forms to implement the provisions of this Resolution; b. Determine the reporti…

Article (10) Interpretation of the Provisions of this Resolution The interpretation of any provision of this Resolution shall be in accordance with the commentaries on the CRS issued by the OECD, and any update thereto.

Article (11) Executive Resolutions The Minister of Finance shall issue the resolutions, directives, and procedures necessary for the implementation of the provisions of this Resolution.

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Cabinet Resolution of 2021 Regarding the Implementation of Certain Provisions of the Multilateral Administrative Agreement for Automatic Exchange of Information 13

Article (12) Repeals Cabinet Resolution No. (5/11) of 2020 Regarding the Implementation of Certain Provisions of the Multilateral Administrative Agreement for Automatic Exchange of Information is hereby repealed as well as any provision that contradicts or conflicts with the provisions of this Resolution.

Article (13) Publication and Entry into Force This Resolution shall be published in the Official Gazette and shall enter into force on the day following the date of its publication. Mohammed bin Rashid Al Maktoum Prime Minister Issued by Us: Dated: 3 Rabi'al-Awwal 1443 A.H. Corresponding to: 10 October 2021 A.D.

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