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Abu Dhabi Integrated Market Launch Reporting Guidelines Tuesday.
The marketplace is a group of international companies based in the capital of the United Arab Emirates. They are managed separately from other companies in Abu Dhabi under English common law. Companies in the market can have 100% foreign ownership, while other companies in the emirate must have at least 51% UAE ownership.
The new guidelines are designed to help companies in the Abu Dhabi Global Market formulate their own policies. The market expects companies to adhere to a “broad” definition of whistleblowing that covers fraud, money laundering, corruption, violations of legal or regulatory requirements, as well as acts of unethical conduct and/or a cover-up of wrongdoing, a release said.
The guidelines further state that whistleblowers shall not be retaliated against and their identities shall be protected.
Abu Dhabi Global Market clarified that in order to protect whistleblowers, the whistleblower must make the report “in good faith”, or the whistleblower has a good faith belief that it is true.
Companies must instill a business culture that allows whistleblowing, Market added. In particular, they warn that “insufficient resources, poor response to reports, inappropriate management involvement, inadequate investigations and poor confidentiality” could undermine whistleblowing efforts.
Why it matters: The United Arab Emirates is looking to improve its reputation for financial transparency. UAE entities have ties to Iran, Russian sanctions violations and money laundering controversy in recent years.Recently, the U.S. Treasury Department Sanctions on Emirati company involved in oil deals with Iran.
There have been several relevant developments in the UAE this year. July, UAE central bank announces sanctions against six banks Reporting procedures were allegedly not followed.
April, Dubai Financial Services Authority Announced its own new whistleblowing regulatory regime.This UAE Federal Tax Authority Did the same in April.
The UAE is also doing more tax inspection This year.
understand more: Last month, the Abu Dhabi Global Market Court announced that it would start using blockchain technology to ensure judgment.
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