Latest news with #financialtransparency
RNZ News
3 days ago
- Business
- RNZ News
Almost $365,000 misappropriated by one person at Dunedin school
The board thanked its staff for their willingness to assist. Photo: RNZ / Ian Telfer A Dunedin high school has revealed close to $365,000 was misappropriated by one person over five years. Logan Park High School emailed parents on Thursday "in the interests of transparency" after an external accountant first discovered the missing funds last year. It happened between 2019 and 2024. The school's board of trustees said it was an isolated incident involving one individual and a thorough review had been conducted. "It's important to note that this matter has now been fully resolved, and we want to share the outcome with our whānau to reassure you that moving forward, our systems and processes are robust," the board said. The misappropriated funds had been full recovered along with legal and accounting costs, but the board said it had to wait until after the investigation and audit were completed before disclosing what happened to ensure due process was followed. The audit process had recently been signed off and the total amount of $364,884 (GST inclusive) was published in the 2023 full Annual Report. The board acknowledged the news might come as a surprise, but said the Office of the Auditor-General has been consulted and the financial risk to the school as a result of this issue had been eliminated. "After uncovering the issue, we identified necessary improvements and changes to our processes, which were implemented immediately in 2024 to strengthen our internal policies and ensure that this won't happen again," the board said. "This includes third-party professional support." The board thanked its staff for their willingness to assist, saying their cooperation had been invaluable in helping it to resolve the matter and strengthen the school's financial safeguards. "We have fully cooperated with the audit process throughout and remain committed to upholding the highest standards of integrity in our school's financial management," the board said. "The school has remained in a stable and secure financial position throughout this period." The Ministry of Education's Acting Hautū Te Tai Runga, Andrea Williams, said the ministry was aware of the matter and would be working with the school to better understand the processes they followed. Police would not confirm if they were involved.
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.'
Zawya
5 days ago
- Business
- Zawya
ADGM's Financial Services Regulatory Authority fines 23 entities
ADGM's Financial Services Regulatory Authority Fines 23 Entities for Breaching Common Reporting Standard Regulations, Foreign Account Tax Compliance Regulations Abu Dhabi, 26 May 2025: The Financial Services Regulatory Authority (FSRA) of ADGM imposes penalties totaling AED 610,000 on 23 entities for contraventions of the Common Reporting Standard Regulations 2017 and/or the Foreign Account Tax Compliance Regulations 2022 (together, the Regulations). The Regulations implement international frameworks that require reporting entities to collect and report information on foreign account holders to help combat international tax evasion. 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 on the part of in-scope entities to: submit risk assessment(s); submit the required annual information return(s); follow due diligence procedures report information in a complete and accurate manner; and collect valid self-certification forms. Emmanuel Givanakis, Chief Executive Officer 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". A copy of the FSRA's CRS and FATCA penalty notices can be found on the ADGM website at URL: About ADGM ADGM is the international financial centre (IFC) of the capital city of the United Arab Emirates, which opened for business on 21 October 2015. ADGM augments Abu Dhabi's position as a leading financial centre and a business hub, serving as a strategic link between the growing economies of the Middle East, Africa, South Asia, and the rest of the world. Operating within an international regulatory framework based on the direct application of English Common Law, ADGM governs the entirety of Al Maryah Island and Al Reem Island, collectively designated as the financial free zone of Abu Dhabi. ADGM is ranked as one of the most preferred and top-ranking IFCs in the Middle East and Africa region. Its progressive and inclusive business ecosystem fosters growth, resilience, and optimism for global financial and non-financial institutions. Growing synergies between ADGM and multiple jurisdictions have positioned the centre as one of the world's most advanced, diverse, and progressively governed financial hubs. For more details on ADGM, please visit or follow us on LinkedIn and Instagram: @ADGM X: @adglobalmarket For media queries, please contact: E: media@
