Page 600 - AI for Good Innovate for Impact

AI for Good Innovate for Impact

Reduced Inequalities

Improve the regulation and monitoring of global financial markets and institutions and
strengthen the implementation of such regulations.

Link to Project: The project contributes directly to reducing inequality between and within
countries by ensuring that financial assets are disclosed and taxed fairly across jurisdictions. By
holding individuals and institutions accountable for cross-border financial activities, the system
prevents tax evasion that often exacerbates income inequality.

Partnerships for the Goals

Strengthen domestic resource mobilization, including through international support to
developing countries to improve domestic capacity for tax and other revenue collection.
Enhance capacity-building support to developing countries, including for data collection and
monitoring.
Link to Project: FATCA/CRS implementation is built on international cooperation and data
exchange with 80+ jurisdictions. This strengthens partnerships and supports global efforts
to mobilize resources through tax compliance. It also enhances the UAE's domestic capacity
through improved audit tools, data validation processes, and inter-agency coordination,
contributing to stronger institutions and governance.

Partners

• UAE Ministry of Finance (role: owner of the product)
• Regulatory Authorities (RAs): (role: users of the product)
• Central Bank of the United Arab Emirates
• Dubai International Financial Centre
• Abu Dhabi Global Markets
• Securities and Commodities Authority
• Federal Tax Authority
• Financial Institutions (e.g., banks, insurance firms, fund management entities): (role: users
of the product)
• International Bodies: (role: stakeholder entities, to whom data is exchanged)
• Organization for Economic Cooperation & Development (OECD) for the Common
Reporting Standard (CRS)
• Internal Revenue Service (IRS) for the Foreign Account Tax Compliance Act (FATCA)

2�3 Future Work

I� Planned system releases

Audit

• Regulatory Authorities conduct audits by issuing questionnaires to Reporting Financial
Institutions to assess non-compliance, including reviewing sampled documentation.
• The audit process includes selecting specific account samples, requesting and reviewing
documentation, and evaluating findings.
• An annual report is prepared by the Regulatory Authorities summarizing audit activities
and year-on-year trends.

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