The Dubai Financial Services Authority announced today a new regulatory regime for whistleblowing.
The regime provides enhanced legal protection to people who report misconduct by any Dubai entity regulated by the authority. It applies to those who report the misconduct internally or to Dubai authorities, according to a press release.
The Dubai Financial Services Authority is an independent regulator of Dubai's International Finance Center. The center is home to more than 2,500 companies.
The regulatory regime applies to companies based in Dubai's International Finance Center that are regulated by the Dubai Financial Services Authority, an authority spokesman told Al-Monitor. The regime requires that said entities “put in place measures to protect the identity of the whistleblower and to protect them from suffering any detriment,” per the release.
There are more than 2,500 companies in the Dubai International Finance Center.
Why it matters: The UAE is working to increase its financial transparency. In January, the UAE Ministry of Finance announced that it will introduce a first-ever business tax starting in 2023. The move was made in conjunction with an Organization for Economic Cooperation and Development initiative to reduce tax evasion.
The Emirates has been criticized for its lack of financial transparency recently. In March, the Paris-based Financial Action Task Force put the UAE on its money laundering list. The Emirati government promised a “robust” response to the...
Online posts this month claimed that Muslims intentionally lit separate church fires in Quebec, or that they are responsible for more than 100 church arsons across Canada. None of the specific fir...