Latest news with #EmmanuelGivanakis
Gulf Insider
5 days ago
- Business
- Gulf Insider
UAE Fines 23 Companies Dh610,000 For Violating Global Tax Reporting Rules
The Financial Services Regulatory Authority (FSRA) of ADGM in Abu Dhabi on Monday announced Dh610,000 fine on 23 companies for violating reporting and tax regulations. The companies have been fined under the Common Reporting Standard Regulations 2017 and/or the Foreign Account Tax Compliance Regulations 2022, which require entities to collect and report information on foreign account holders to help combat international tax evasion. The regulator added that action has been taken for compliance breaches and failures to submit risk assessments, required annual information returns, follow due diligence procedures, report information in a complete and accurate manner, and collect valid self-certification forms. The UAE entered into agreements with other countries for global tax transparency by facilitating the automatic exchange of financial account data between different jurisdictions. In April, FSRA imposed millions of dirhams fines on the Hayvn Group of Companies, its former CEO Christopher Flinos and related entities after an investigation found serious regulatory breaches and misconduct into regulatory breaches and misconduct. Emmanuel Givanakis, CEO of the FSRA at ADGM, said this decision reflects UAE's commitment to financial transparency and alignment with global commitments to information exchange. 'We are committed to identifying and addressing practices that do not meet our commitment to combat tax evasion through implementing robust and effective regulations in line with leading global standards of compliance and reporting responsibility,' said Givanakis. Earlier this month, the Registration Authority (RA) of ADGM joined the Enforcement Working Group (EWG) of the International Forum of Independent Audit Regulators (IFIAR), making it the only member in the group from the Middle Eastern region.
The National
5 days ago
- Business
- The National
Abu Dhabi's ADGM fines 23 entities for breaching financial regulations
Abu Dhabi's financial free zone ADGM has fined 23 entities a total of Dh610,000 ($166,099) for breaching foreign account tax compliance regulations and reporting standards. The entities were fined by the Financial Services Regulatory Authority of the ADGM, which has been cracking down on violations. The breaches included failure to adhere to due diligence procedures and to report information in a complete and accurate manner, an ADGM statement on Monday said. Some failed to submit required annual information returns and collect valid self-certification. 'These enforcement outcomes reflect the FSRA's firm support for the UAE's commitment to financial transparency and alignment with global commitments to information exchange,' said Emmanuel Givanakis, chief executive of the FSRA. 'We are committed to identifying and addressing practices that do not meet our commitment to combat tax evasion through implementing robust and effective regulations in line with leading global standards of compliance and reporting responsibility." The intergovernmental arrangements entered into by the UAE enhance global tax transparency by enabling the automatic exchange of financial account data between jurisdictions, the ADGM said. 'The regulations implement international frameworks that require reporting entities to collect and report information on foreign account holders to help combat international tax evasion,' it added. The ADGM, which opened in 2015, is home to international banks, insurance houses, global asset managers as well as financial technology and cryptocurrency exchanges. It maintains a stringent oversight of companies operating within its jurisdiction and has fined other groups previously for various breaches. In April, ADGM regulators fined virtual asset trading platform Hayvn Group and its related entities a total of $12.45 million for "serious" rules breaches, while also banning its former chief executive from conducting business in the emirate. A fine totalling $8.85 million was levied by the FSRA, while ADGM's Registration Authority (RA) imposed penalties of $3.6 million, the financial free zone said at the time. In addition, Hayvn founder and former chief executive Christopher Flinos was fined $750,000 and barred from conducting financial services business in the ADGM. Last year, the ADGM fined Sarwa Digital Wealth (Capital) $122,500 for breaching rules; Baker Tilly $62,500 for auditing failures; and six financial institutions more than $46,000 for contraventions in reporting. Before then, it also levied a $486,000 penalty on FinTech company Pyppl for breaking anti-money laundering rules and hit KPMG Lower Gulf with a $30,000 fine for breaching auditing regulations.
The National
5 days ago
- Business
- The National
ADGM fines 23 entities for breaching financial regulations
Abu Dhabi's financial free zone ADGM has fined 23 entities a total of Dh610,000 ($166,099) for breaching foreign account tax compliance regulations and reporting standards. The entities were fined by the Financial Services Regulatory Authority of the ADGM, which has been cracking down on violations. The breaches included failure to adhere to due diligence procedures and to report information in a complete and accurate manner, an ADGM statement on Monday said. Some failed to submit required annual information returns and collect valid self-certification. 'These enforcement outcomes reflect the FSRA's firm support for the UAE's commitment to financial transparency and alignment with global commitments to information exchange,' said Emmanuel Givanakis, chief executive of the FSRA. 'We are committed to identifying and addressing practices that do not meet our commitment to combat tax evasion through implementing robust and effective regulations in line with leading global standards of compliance and reporting responsibility." The intergovernmental arrangements entered into by the UAE enhance global tax transparency by enabling the automatic exchange of financial account data between jurisdictions, the ADGM said. 'The regulations implement international frameworks that require reporting entities to collect and report information on foreign account holders to help combat international tax evasion,' it added. The ADGM, which opened in 2015, is home to international banks, insurance houses, global asset managers as well as financial technology and cryptocurrency exchanges. It maintains a stringent oversight of companies operating within its jurisdiction and has fined other groups previously for various breaches. In April, ADGM regulators fined virtual asset trading platform Hayvn Group and its related entities a total of $12.45 million for "serious" rules breaches, while also banning its former chief executive from conducting business in the emirate. A fine totalling $8.85 million was levied by the FSRA, while ADGM's Registration Authority (RA) imposed penalties of $3.6 million, the financial free zone said at the time. In addition, Hayvn founder and former chief executive Christopher Flinos was fined $750,000 and barred from conducting financial services business in the ADGM. Last year, the ADGM fined Sarwa Digital Wealth (Capital) $122,500 for breaching rules; Baker Tilly $62,500 for auditing failures; and six financial institutions more than $46,000 for contraventions in reporting. Before then, it also levied a $486,000 penalty on FinTech company Pyppl for breaking anti-money laundering rules and hit KPMG Lower Gulf with a $30,000 fine for breaching auditing regulations.
Arabian Business
5 days ago
- Business
- Arabian Business
Abu Dhabi fines 23 entities $166,000 over tax rules
Abu Dhabi has fines 23 entities over violations of tax rules in the UAE. The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) imposed penalties totalling AED610,000 ($166,000) on 23 entities for contraventions of the Common Reporting Standard Regulations 2017 and/or the Foreign Account Tax Compliance Regulations 2022. The Regulations implement international frameworks that require reporting entities to collect and report information on foreign account holders to help combat international tax evasion. Abu Dhabi tax rules The underpinning inter-governmental arrangements entered into by the UAE enhance global tax transparency by facilitating the automatic exchange of financial account data between jurisdictions. The actions taken by the FSRA of ADGM address a range of CRS and FATCA compliance breaches, including failures to: Submit risk assessment Submit the required annual information return(s) Follow due diligence procedures Report information in a complete and accurate manner Collect valid self-certification forms Emmanuel Givanakis, CEO of the FSRA at ADGM, said: 'ADGM is committed to upholding international tax reporting standards. These enforcement outcomes reflect the FSRA's firm support for the UAE's commitment to financial transparency and alignment with global commitments to information exchange. 'We are committed to identifying and addressing practices that do not meet our commitment to combat tax evasion through implementing robust and effective regulations in line with leading global standards of compliance and reporting responsibility.'
Al Etihad
5 days ago
- Business
- Al Etihad
ADGM's Financial Services Regulatory Authority fines 23 entities
26 May 2025 16:43 ABU DHABI (WAM) The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) imposed penalties totalling Dh610,000 on 23 entities for contraventions of the Common Reporting Standard Regulations 2017 and/or the Foreign Account Tax Compliance Regulations Regulations implement international frameworks that require reporting entities to collect and report information on foreign account holders to help combat international tax underpinning inter-governmental arrangements entered into by the UAE enhance global tax transparency by facilitating the automatic exchange of financial account data between actions taken by the FSRA of ADGM address a range of CRS and FATCA compliance breaches, including failures on the part of in-scope entities to submit risk assessment; submit the required annual information return(s); follow due diligence procedures; report information in a complete and accurate manner; and collect valid self-certification Executive Officer of the FSRA at ADGM, Emmanuel Givanakis, said, 'ADGM is committed to upholding international tax reporting standards. These enforcement outcomes reflect the FSRA's firm support for the UAE's commitment to financial transparency and alignment with global commitments to information exchange.''We are committed to identifying and addressing practices that do not meet our commitment to combat tax evasion through implementing robust and effective regulations in line with leading global standards of compliance and reporting responsibility.'A copy of the FSRA's CRS and FATCA penalty notices can be found on the ADGM website.
