ADGM Fines 23 Firms for Breaching Tax Compliance Rules

UAE, 28 May, 2025 : Abu Dhabi Global Market (ADGM) has fined 23 entities a total of Dh610,000 ($166,099) for violating foreign account tax compliance and reporting standards. The Financial Services Regulatory Authority (FSRA) cited failures in due diligence, inaccurate reporting, and missing self-certification as key breaches.

FSRA CEO Emmanuel Givanakis reaffirmed the regulator’s commitment to supporting the UAE’s efforts in financial transparency and combating tax evasion through strict enforcement.

ADGM emphasized that the regulations align with international frameworks for the automatic exchange of financial information. The financial free zone, home to global financial institutions and fintech firms, continues to maintain robust oversight of its regulated entities.