UAE business center releases whistleblowing guidelines
The UAE is seeking to improve financial transparency among other major financial changes happening in the Gulf state.
The Abu Dhabi General Market released whistleblowing guidelines on Tuesday.
The market is a group of international companies based in the United Arab Emirates' capital city. They are governed separately from other companies in Abu Dhabi, based on English common law. Companies in the market can have 100% foreign ownership, while other firms in the Emirate must have at least 51% Emirati ownership.
The new guidelines are meant to help companies in the Abu Dhabi Global Market form their own policies. A press release stated that the market wants the companies to adhere to a “broad” definition of whistleblowing that covers fraud, money laundering, corruption, breaches of legal or regulatory requirements, and unethical conduct and/or acts to cover up wrongdoing.
The guidelines further stipulate that there should be no retaliation against whistleblowers and that their identity should be protected.
