Tax crimes along with other financial crimes threaten the strategic, political and economic interests of both developed and developing countries. Following the revision of FATF Recommendations in February 2012, tax evasion is now considered a money laundering predicate offence.

In order to improve global tax compliance, the UAE government has agreed with other governments around the world on automatic exchange of financial information with respect to certain account holders. UAE has signed agreements with the USA on FATCA Regulation and with European on Common Reporting Standards (CRS) initiative to share financial data on reportable individuals and legal entities. Such regulations and agreements are aimed at putting an end to financial secrecy in international holding of assets and tax evasion.

In line with Ajman Bank’s commitment to fight all types of financial crimes, stringent KYC checks at time of on-boarding clients are performed to ensure that the accounts will not be used for tax evasion purposes.