Central Bank organises workshop on U.S. Foreign Accounts Tax Compliance Act

ABU DHABI: The Central Bank of the U.A.E. has announced that it organised a workshop on the U.S. Foreign Accounts Tax Compliance Act (FATCA), to which Banks and other financial institutions in the U.A.E. were invited, at its Head Office in Abu Dhabi. Sultan Bin Nasser Al Suwaidi, Governor of the Central Bank, inaugurated the workshop. In his opening remarks, he touched upon the compliance requirements with the U.S. FATCA and instructions issued by the Central Bank on this matter.

He also mentioned the results of the FATCA readiness questionnaire conducted by Patton Boggs and Deloitte, which he described as very encouraging, and reflected the efforts of U.A.E. banks and other financial institutions.

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

Patton Boggs LLP, a law firm based in Washington D.C., participated in the seminar along with Deloitte.

The seminar 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 U.A.E..

SOURCE: WAM