Based on these findings it was concluded that, overall, the United Arab Emirates is meeting expectations in relation to sorting, preparing and validating the information. It was also noted that there is room for improvement with respect to the original preparation of files. The United Arab Emirates should continue its implementation process accordingly, including by addressing the recommendation made.
Recommendations:
The United Arab Emirates should review its systems and procedures to sort, prepare and validate the information to ensure they meet the requirements of the AEOI Standard.
SR 2.5 Jurisdictions should agree and use, with each exchange partner, transmission methods that meet appropriate minimum standards to ensure the confidentiality and integrity of the data throughout the transmission, including its encryption to a minimum secure standard.
Findings:
In order to put in place an agreed transmission method that meets appropriate minimum standards in confidentiality, integrity of the data and encryption for use with each of its exchange partners, the United Arab Emirates linked to the CTS.
Based on these findings it was concluded that the United Arab Emirates is fully meeting expectations in relation to agreeing and using appropriate transmission methods with each of its partners. The United Arab Emirates is encouraged to continue to ensure the ongoing effectiveness of its implementation.
Recommendations:
No recommendations made.
SR 2.6 Jurisdictions should carry out all exchanges annually within nine months of the end of the calendar year to which the information relates.
Findings:
Feedback from the United Arab Emirates’ exchange partners did not raise any concerns with respect to timeliness of the exchanges by the United Arab Emirates and therefore with respect to the United Arab Emirates’ implementation of this requirement.
Based on these findings it was concluded that the United Arab Emirates is fully meeting expectations in relation to exchanging the information in a timely manner. The United Arab Emirates is encouraged to continue to ensure the ongoing effectiveness of its implementation.
Recommendations:
No recommendations made.
SR 2.7 Jurisdictions should send the information in accordance with the agreed transmission methods and encryption standards.
Findings:
Feedback from the United Arab Emirates’ exchange partners did not raise any concerns with respect to the United Arab Emirates’ use of the agreed transmission methods and therefore with the United Arab Emirates’ implementation of this requirement.
Based on these findings it was concluded that the United Arab Emirates is fully meeting expectations in relation to sending the information in accordance with the agreed transmission methods and encryption standards. The United Arab Emirates is therefore encouraged to continue to ensure the ongoing effectiveness of its implementation.
Recommendations:
No recommendations made.
SR 2.8 Jurisdictions should have the systems in place to receive information and, once it has been received, should send a status message to the sending jurisdictions in accordance with the CRS Status Message XML Schema and the related User Guide.
It should be noted that, as the United Arab Emirates exchanges information on a non-reciprocal basis and does not receive information, it is not required to have in place systems to receive the information and provide status messages. SR 2.8 has therefore not been assessed in this case.
Findings:
Not applicable.
Recommendations:
Not applicable.
SR 2.9 Jurisdictions should respond to a notification from an exchange partner as referred to in Section 4 of the Model CAA (which may include Status Messages) in accordance with the timelines set out in the Commentary to Section 4 of the Model CAA. In all other cases, jurisdictions should send corrected, amended or additional information received from a Reporting Financial Institution as soon as possible after it has been received.
Findings:
The United Arab Emirates appears ready to respond to notifications and to provide corrected, amended or additional information in a timely manner and no such concerns were raised by the United Arab Emirates’ exchange partners and therefore with respect to the United Arab Emirates’ implementation of these requirements.
Based on these findings it was concluded that the United Arab Emirates appears to be meeting expectations in relation to responding to notifications from exchange partners and the sending of corrected, amended or additional information. The United Arab Emirates is encouraged to continue to ensure the ongoing effectiveness of its implementation.
Recommendations:
No recommendations made.