Executive Council Resolution No. (101) of 2024
Approving Administrative Penalties and Fines Applicable to Foreign Banks Operating in the Emirate of Dubai
¹
We, Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of the Executive Council,
After perusal of:
- Law No. (1) of 2016 Concerning the Financial Regulations of the Government of Dubai, its Implementing Bylaw, and their amendments;
- Law No. (26) of 2023 Concerning the Executive Council of the Emirate of Dubai; and
- Law No. (1) of 2024 Concerning Tax on Foreign Banks Operating in the Emirate of Dubai,
Do hereby issue this Resolution.
Definitions
Article (1)
The words and expressions mentioned in this Resolution will have the same meaning assigned to them in the above-mentioned Law No. (1) of 2024.
Approval of Administrative Penalties and Fines
Article (2)
a. Without prejudice to any stricter penalty stipulated in any other resolution, the administrative penalties and fines applicable to Foreign Banks, as set out in the Schedule attached to this Resolution, are hereby approved.
b. Upon repetition of the same administrative violation within two (2) years from the date of the previous violation, the amount of the fine referred to in the Schedule attached hereto will be doubled. A fine must not exceed one million dirhams (AED 1,000,000.00).
Payment of Fines
Article (3)
The fines collected pursuant to this Resolution will be paid to the Public Treasury of the Government of Dubai.
Publication and Commencement
Article (4)
This Resolution will be published in the Official Gazette and will come into force on the day on which it is published.
Hamdan bin Mohammed bin Rashid Al Maktoum Crown Prince of Dubai Chairman of the Executive Council
Issued in Dubai on 10 December 2024 Corresponding to 9 Jumada al-Thaniyah 1446 A.H.
Schedule of
Administrative Penalties and Fines Applicable to Foreign Banks Operating in the Emirate of Dubai
Schedule of
Administrative Penalties and Fines Applicable to Foreign Banks Operating in the Emirate of Dubai