Raqeeb – A Whistleblower Program by FTA

Raqeeb – A Whistleblower Program by FTA

UAE enjoys excellent economic prosperity, and one of the main reasons for it is that they have strict laws to prevent any malpractices. To strengthen the efforts to curb tax evasion and other financial crimes, UAE has launched ‘Raqeeb,’ a whistleblower program.

From April 15, 2022, onwards, any individual who provides information regarding tax evasion, money laundering, tax evasion violations, etc., will receive a reward of 5,000 AED. (Provided he meets the requirements)

As per the FTA (Federal Tax Authority), the primary objective of Raqeeb is to increase transparency, improve tax compliance and create a healthy business environment for everyone. The director-general of the FTA, Mr. Khalid Ali Al Bustani, has stated that the whistleblower program also encourages people from all levels of society to contribute to regulatory efforts. Moreover, the Raqeeb whistleblower program also aims to shield markets & public funds from tax evasion/money laundering while ensuring compliance with the existing laws & regulations.

Raqeeb – A Whistleblower Program by FTA

Individuals can report instances of financial fraud/tax evasion through FTA’s official website, which provides complete information on how to report financial crimes, conditions they need to fulfill & the procedure the claim the promised rewards. One can find all the relevant information related to introductory, juridical, and procedural matters of the Raqeeb whistleblower program on FTA’s website.

Furthermore, the FTA also stated that they had set up the reporting mechanism to ensure total confidentiality while protecting the identity of the informing party.

Third parties will not receive any information, providing informants with total immunity and protection to avoid unwanted incidents for fulfilling their social responsibilities.

Under the Raqeeb program, the authorities can use an individual’s information to detect financial malpractices, including tax evasion, money laundering, etc. However, informants must adhere to the prescribed terms and conditions because the authorities will pay attention to these factors before giving out the reward money.

Additionally, the FTA can ask the informants to furnish legal information like ID proof, verification, and relevant documentation apart from meeting the requirements necessary for the Raqeeb program. This is the first time that a financial body in the UAE has implemented such a program.

The Raqeeb whistleblower program will be fully effective from April 15, 2022, and applies to all DFSA-regulated entities operating in and around the Dubai International Financial Centre.

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