UAE sanctions six banks over tax evasion and fines exchange house $1.4m

clock • 2 min read
UAE sanctions six banks over tax evasion and fines exchange house $1.4m

The Central Bank of the UAE has imposed financial sanctions on six unnamed banks to enforce the OECD's multi-lateral agreement on common reporting standards to tackle tax evasion. The region has seen a growing level of enforcement measures taken by the regulators in light of the Financial Action Task Force (FATF) in March this year placing the UAE on its so-called grey list for increased AML monitoring, and the industry's reaction which followed.   In a statement today (28 July), the re...

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