UAE Central Bank organizes seminar on FATCA

WAM Abu Dhabi, Mar 27th, 2013 (WAM) — The Central Bank of the UAE organizeda seminar on the new US Foreign Accounts Tax Compliance Act (FATCA), at its Head Office in Abu Dhabi.

The seminar discussed the obligations of governments that sign a FATCA agreement with the United States Government and that of banks and other financial institutions. Experts speaking at the seminar recommended signing a Model 1 IGA with the United States Government, which they considered to be the best available option to deal with the above law.

Sultan Bin Nasser Al Suwaidi, Governor of the Central Bank, in his opening remarks stressed on the need for the regulatory authorities in UAE to formulate procedures to facilitate compliance with the US FATCA and set clear instructions for financial institutions under their supervision, in line with the requirements of the above law. He said that the competent authorities in UAE are considering signing an agreement with the Government of the United States of America for FATCA Compliance.

The US Treasury Department Assistant Secretary for Tax Policy, Mark Mazur commented: “We appreciate the Central Bank of the United Arab Emirates (UAE)’s leadership on FATCA and are pleased to have reached this important milestone with the UAE. We look forward to beginning negotiations on an intergovernmental agreement in order to implement FATCA effectively and efficiently in the UAE”.

The seminar was attended by officials from the Ministry of Finance, Ministry of Economy, Securities and Commodities Authority, Dubai Multi Commodities Centre Authority, the US Treasury Department, the Central Bank and senior representatives of banks and other financial institutions in UAE in addition to representatives of Patton Boggs LLP, a law firm based in Washington D.C. along with Deloitte.

WAM/ES

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