Dubai Executive Council Decision No. 101/2024 On the Approval of Administrative Violations and Fines for Foreign Banks Operating in the Emirate of Dubai
We, Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of the Executive Council,
After perusal of Dubai Law No. 1/2016 on the Dubai Government Financial Regulation, its Implementing Regulation and their amendments;
Dubai Law No. 26/2023 on the Executive Council of the Emirate of Dubai; and
Dubai Law No. 1/2024 on the taxation of foreign banks operating in the Emirate of Dubai,
Have decided the following:
Article 1 - Definitions
The terms and expressions that appear in this Decision shall have the same meanings assigned thereto in aforementioned Dubai Law No. 1/2024.
Article 2 - Approval of the Administrative Violations and Fines
a- Without prejudice to any more severe penalty stipulated in any other decision, the administrative violations and fines related to foreign banks shall be approved by virtue of this Decision, as per the table annexed thereto.