Fundamentals Of UAE's FATCA/CRS Compliances

Trupti Mehta - Director, Setup & Expansion, GCC Region, Nexdigm set the tone of the webinar by highlighting the importance of compliance with the latest regulations and how complicated laws can be managed by financial institutions if the understanding of said laws is made imperative.

After the brief introduction, Mihir Shah - Practicing Chartered Accountant, began his segment by explaining what is meant by the term Foreign Account Tax Compliance Act (FATCA) and the reasons behind the implementation of this act. He talks about how FATCA inspired the G20 Organization for Economic Co-operation and Development (OECD) to have a regulation that urges countries to have treaties and a proper mechanism in place for exchanging information. This led to the launch of the Common Reporting Standard (CRS) regulation.