Daijiworld Media Network - Dubai

Dubai, Aug 19: According to the new common reporting standard regulations of the Dubai International Financial Centre (DIFC), individuals can be penalized for providing false self-certifications.

Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum enacted the Common Reporting Standard Law Amendment Law no 6 of 2020 of the DIFC. The new common reporting standard regulations were issued by the DIFC authority's board of directors which came into effect from July 30.

Among the major changes detailed in the regulations included introducing penalties for submitting fake certificates and for financial institutions' failure to obtain valid self certifications.

"The amended Common Reporting Standard Laws and Regulations provide clear directions for organizations operating within the centre, elevating, reporting and compliance standards. Advancing our laws and regulations continues to help us reinforce DIFC's reputation as a safe, resilient, transparent and business friendly jurisdiction," governor of DIFC Essa Kazim said.