ADGM’s commitment to transparency, accountability and market integrity has been “strongly reflected” through its coordinated efforts to sustain these pillars.
ADGM, the international financial centre of the UAE’s capital, has announced the publication of its whistleblowing framework, “a coordinated initiative between ADGM Authorities to sustain transparency, accountability and market integrity within the centre.”
The framework which is part of ADGM’s progressive business environment complements its existing regulatory frameworks and encompasses:
- Dedicated regulations that recognise and protect good faith reporting of ‘protected disclosures’.
- Availability of internal and external channels for reporting reasonably suspected breaches of ADGM legislation or financial crime.
- Protection for anonymous reporting in good faith of reasonably suspected misconduct.
- Non-retaliation protections integrated into existing employment regulations to guard employees of all ADGM entities against retaliation for speaking up.
- Good governance requirements to support whistleblowing for all ADGM entities.
- Written policies and procedures for firms licenced by the FSRA, designated non-financial businesses or professions (DNFBPs) and large ADGM entities.
The endeavours of ADGM market participants “to operate in line with the highest global standards of business practice are also reflected strongly within the framework.”
Entities within the centre will “implement proportionate arrangements to support effective whistleblowing by 31st May 2025.”
These arrangements need to be captured “in writing by companies that are over a certain size or that carry additional financial crime risks.”
The whistleblowing framework provides “a solid foundation that ADGM continuously builds upon and strengthen, ensuring the highest international business standards are upheld.”
As covered, Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, “opened for business on 21 October 2015.”
Established by UAE Federal Decree as “a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global hub for business and finance and serves as a strategic link between the growing economies of the Middle East, and the rest of the world.”
ADGM’s strategy is anchored “by Abu Dhabi’s key strengths including private banking, wealth management, asset management and financial innovation. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as IFC governs the Al Maryah Island which is a designated financial free zone.”
It enables registered financial institutions, companies and entities “to operate, innovate and succeed within an international regulatory framework based on Common Law.”