The UAE and US have signed an agreement to share information on any UAE-based finances of US citizens, under the US’s Foreign Account Tax Compliance Act (FATCA), the UAE Ministry of Finance said.
FATCA was introduced by the US Congress in 2010 to target non-compliance by US taxpayers using foreign accounts. It requires foreign financial institutions to provide annual reports on account information of customers who are US citizens and includes penalties for institutions that do not comply.
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