(MENAFN -Khaleej Times) the central bank of the uae has announced that it organised a workshop on the us foreign accounts tax compliance act (fatca) to which banks and other financial institutions in the uae were invited at its head
office in abu dhabi
Sultan bin nasser al suwaidi governor of the central bank inaugurated the workshop. in his opening remarks he touched upon the compliance requirements with the us fatca and instructions issued by the central bank on this matter.
He also mentioned the results of the fatca readiness questionnaire conducted by patton boggs and deloitte which he described as very encouraging and reflected the efforts of uae banks and other financial institutions.
The workshop discussed the fatca requirements in detail and the fatca reporting system developed by the central bank and included a question and answer session. patton boggs llp a law firm based in washington dc participated in the seminar along with deloitte.
The seminar was attended by officials from the ministry of finance the central bank securities and commodities authority insurance authority dubai financial services authority senior representatives of banks and other financial institutions in uae.