Mohammed bin Rashid enacts Amendments to DIFC’s Common Reporting Standard Law
In his capacity as the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, has enacted the Common Reporting Standard Law Amendment Law No. 6 of 2020 of the Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region.
The DIFC Authority’s Board of Directors has also issued new Common Reporting Standard Regulations which came into force on 30 July 2020.
Amendments to the Common Reporting Standard Law will further elevate common reporting standards in the DIFC. The Law reflects the Centre’s commitment to maintaining a transparent and robust legal and regulatory framework aligned with international best practice.
His Excellency Essa Kazim, Governor of DIFC, said:
“The amended Common Reporting Standard Law and Regulations provide clear direction for organisations operating within the Centre, elevating reporting and compliance standards. Advancing our laws and regulations continues to help us reinforce DIFC’s reputation as a safe, resilient, transparent and business friendly jurisdiction.”
The changes to the Common Reporting Standard Law and Regulations enhance compliance requirements to ensure that Reporting Financial Institutions in the DIFC meet the standard issued by the Organisation for Economic Cooperation and Development (OECD).
Key changes include the introduction of offences and penalties for individuals providing false self-certifications and reporting financial institutions that fail to obtain valid self-certifications. The new Common Reporting Standard Regulations adopt the explanatory material issued and published by the OECD to assist with the interpretation of the application of the Common Reporting Standard in the DIFC.