UAE Ministry of Finance and Central Bank sign MoU
The Ministry of Finance and the Central Bank of the UAE have announced today the signing of a Memorandum of Understanding (MoU) in implementation of a Council of Ministers resolution, which authorises the former to compile and exchange tax information regarding fulfillment of requirements of The OECD Global Forum for Transparency and Exchange of Information relating to bilateral agreements on double taxation.
The MoU requires the Central Bank to provide the Ministry with all banking data relating to bank customers’ tax-related information. Such exchange of information may not be restricted by reasons of crime duplicity or local tax requirements.
The two parties also agreed a mechanism for compilation and exchange of banking data relating to ownership, identity information and accounting records which are requested by countries which signed bilateral agreements for avoidance of double taxation with the UAE.
The MoU was signed for the Ministry of Finance by Obeid Humaid Al Tayer, State Minister for Financial Affairs, and for the Central Bank by Sultan Bin Nasser Al Suwaidi, Governor of the Central Bank of the UAE.
The signing ceremony was attended by Khalid Al Bustani, Assistant Under-secretary for International Financial Relations at the Ministry of Finance, Majed Ali Omran, Director for International Financial Relations, Dr. Hamed Nasr, Economic Expert, Abdulla Al Obaidli, Agreements Negotiator from the Ministry of Finance, Saeed Abdullah Al Hamiz, Assistant Governor for Banking Supervision, Saif Hadif Al Shamsi, Assistant Governor for Monetary Policy and Financial Stability, and Ismail Darwish Al Bloushi, Secretary-General of the Board of Directors and Head of Legal Affairs Unit from the Central Bank of the UAE.
- Is Islamic finance the sustainable banking model the banking world has been looking for?
- Less is more? In ironic twist, UAE's low income earners found to be saving more
- Egypt has a secret Swiss bank, except everyone knows about it
- Why is Jordan's inflation so high? These reasons may surprise you....
- The Middle East's lack of savings: a ticking time bomb?