The agreement was signed for the Ministry by the Undersecretary HE Younis Haji Al Khoori, and for the US by the country's ambassador to the UAE, Barbara Leaf.

FATCA was enacted by the U.S. Congress in 2010 to target non-compliance by U.S. taxpayers using foreign accounts. The U.S. law requires foreign financial institutions to provide annual reports on account information of customers who are US persons.

Failure to comply could see any non-US financial organisation face a 30% penalty on certain financial returns of its operations in the US.

Under the agreement, the first report, for 2014, must be submitted to the US by 30 September 2015. The agreement exempts certain government institutions, sovereign funds and international organisations from the reporting requirements.