A major financial center in Dubai also recently launched a whistleblower mechanism as the Emirates seeks to improve financial transparency.
- GIUSEPPE CACACE/AFP via Getty Images
The Emirati Federal Tax Authority today announced the launch of a whistleblower program, effective immediately, the official Emirates News Agency reported.
The new program, named Raqeeb, is a reporting mechanism for tax evasion and violations. It aims to raise tax compliance in the United Arab Emirates.
Raqeeb requires that those reporting the alleged tax violations give their name to the Federal Tax Authority, but their identity will not be disclosed. Complainants must also sign a non-disclosure agreement. Those who report tax violations will be eligible to receive monetary awards, according to a Federal Tax Authority document.
Why it matters: The UAE is working to change its reputation as a safe haven for financial wrongdoing after several incidents that reflected poorly on the Gulf state.
In March, the Paris-based Financial Action Task Force put the UAE on its list of states where money laundering is an issue, along with Syria and Yemen. The Emirati government promised a strong response to the listing.
Also in March, some Russian citizens reportedly bought property in the UAE with cryptocurrency to avoid being affected by sanctions related to the invasion of Ukraine.
In 2021, the Pandora Papers revealed extensive secret money flows in the UAE, including some utilized by criminals.
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