Mohammed bin Rashid approves amendments to the DIFC "common reporting standard" law
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, in his capacity as Ruler of Dubai, has approved amendments to the Law of Joint Reporting Standard No. (6) for the year 2020 of the Dubai International Financial Center.
These amendments came within the framework of the new regulations issued by the Board of Directors of the DIFC Authority regarding the new joint reporting standards, which entered into force on July 30, 2020, as the amendments contribute to upgrading the standard of joint reporting in the DIFC, which reflects the Center’s commitment. By maintaining a legal and regulatory framework that enjoys the highest levels of transparency and in accordance with international best practices. The amendments to the law also enhance the compliance of financial institutions in the DIFC with the requirements of joint reporting and standards issued by the Organization for Economic Cooperation and Development.
Key amendments to the law include the inclusion of a provision for penalties for individuals who provide incorrect "self-certification", and reporting on financial institutions that have been unable to obtain valid "self-certification". The law also adopted interpretative materials issued and published by the Organization for Economic Cooperation and Development to help explain the application of the Standard for Common Reporting in the DIFC.
DIFC Governor Issa Kazim said, “The amendments to the Joint Reporting Standard Law provide clear guidance to institutions and companies operating in the financial center, which contributes to raising reporting and compliance standards, and the continuous development of laws and regulations enhances the DIFC’s position and reputation as a destination with the highest standards. Security, flexibility, transparency and a business-friendly legal environment. "