Five financial institutions have been fined by Abu Dhabi Global Market's Financial Services Regulatory Authority for breaching reporting requirements.
The FSRA has imposed penalties and administrative fees ranging from Dh30,000 to Dh119,000 ($8,169 to $32,403) on the institutions for contraventions of the Common Reporting Standard regulations, it said in a statement on Thursday.
The regulations concern financial and tax-related information exchange on a global level between tax authorities and other international financial regulators through secure channels.
It sets out the scope of information to be reported, the financial institutions that are required to report, the account holders subject to reporting, as well as the procedures to be followed by financial institutions.
The actions imposed by the FSRA address failures related to applying adequate due diligence procedures; keeping records of the performance of due diligence; reporting required information in a complete and accurate manner; and obtaining valid self-certification of tax information from clients, the statement said.
“The ADGM is committed to ensuring its regulations are complied with, including those related to tax reporting, which are based on international obligations and standards," said Emmanuel Givanakis, chief executive of the FSRA.
"A key objective of the FSRA is to promote and enhance the integrity of the ADGM financial system. Accordingly, the FSRA supports initiatives to make tax systems more transparent and to prevent practices intended to circumvent tax reporting."
The FSRA has also been cracking down on companies that fail to comply with its anti-money laundering requirements.
The regulator this week imposed a penalty of $360,000 on Wise Nuqud, a licensed money service company, for failing to abide by several anti-money laundering requirements.
The FSRA found that Wise Nuqud, which operates within the ADGM, did not establish and maintain adequate anti-money laundering systems and controls to ensure full compliance with its obligations.
The authority has “robust and comprehensive” supervision and enforcement policies in place to thwart money laundering and the financing of terrorism, it said.
The penalties for breaching the CRS regulations were imposed by the FSRA in June and July, according to ADGM's website. The companies fined include Ava Trade Middle East, ADS Investment Solutions, Digital Spring Ventures and Sarwa Digital Wealth.
The CRS, developed by the Organisation for Economic Co-operation and Development, took effect in the UAE in January 2017.
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Company%20profile
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
COMPANY PROFILE
Company name: SimpliFi
Started: August 2021
Founder: Ali Sattar
Based: UAE
Industry: Finance, technology
Investors: 4DX, Rally Cap, Raed, Global Founders, Sukna and individuals
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Jewel of the Expo 2020
252 projectors installed on Al Wasl dome
13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas
550 tonnes of moulded steel were raised last year to cap the dome
724,000 cubic metres is the space it encloses
Stands taller than the leaning tower of Pisa
Steel trellis dome is one of the largest single structures on site
The size of 16 tennis courts and weighs as much as 500 elephants
Al Wasl means connection in Arabic
World’s largest 360-degree projection surface
Tewellah by Nawal Zoghbi is out now.
RESULT
Arsenal 2
Sokratis Papastathopoulos 45 4'
Eddie Ntkeiah 51'
Portsmouth 0
UAE currency: the story behind the money in your pockets
Age 26
Born May 17, 1991
Height 1.80 metres
Birthplace Sydney, Australia
Residence Eastbourne, England
Plays Right-handed
WTA titles 3
Prize money US$5,761,870 (Dh21,162,343.75)
Wins / losses 312 / 181
Building boom turning to bust as Turkey's economy slows
Deep in a provincial region of northwestern Turkey, it looks like a mirage - hundreds of luxury houses built in neat rows, their pointed towers somewhere between French chateau and Disney castle.
Meant to provide luxurious accommodations for foreign buyers, the houses are however standing empty in what is anything but a fairytale for their investors.
The ambitious development has been hit by regional turmoil as well as the slump in the Turkish construction industry - a key sector - as the country's economy heads towards what could be a hard landing in an intensifying downturn.
After a long period of solid growth, Turkey's economy contracted 1.1 per cent in the third quarter, and many economists expect it will enter into recession this year.
The country has been hit by high inflation and a currency crisis in August. The lira lost 28 per cent of its value against the dollar in 2018 and markets are still unconvinced by the readiness of the government under President Recep Tayyip Erdogan to tackle underlying economic issues.
The villas close to the town centre of Mudurnu in the Bolu region are intended to resemble European architecture and are part of the Sarot Group's Burj Al Babas project.
But the development of 732 villas and a shopping centre - which began in 2014 - is now in limbo as Sarot Group has sought bankruptcy protection.
It is one of hundreds of Turkish companies that have done so as they seek cover from creditors and to restructure their debts.
The specs
Engine: 1.4-litre 4-cylinder turbo
Power: 180hp at 5,500rpm
Torque: 250Nm at 3,00rpm
Transmission: 5-speed sequential auto
Price: From Dh139,995
On sale: now
