Regulatory Alerts2020-04-23
Common Reporting Standard (CRS) Guidance Note for the United Arab Emirates
The United Arab Emirates Ministry of Finance, supported by national financial regulators, issued this guidance to implement the OECD Common Reporting Standard (CRS) for the automatic annual exchange of financial account information. The document establishes a legal framework under Cabinet Resolution No. 9 of 2016, mandates that reporting financial institutions adopt the widest due diligence approach, and sets a first reporting deadline of 30 June 2018. It further details adopted implementation options, including USD currency translation and third-party service provider allowances, while defining UAE tax residency for individuals and entities.
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