The Abu Dhabi Global Market (ADGM), the international financial centre of the UAE’s capital, on Thursday announced the publication of its whistleblowing framework.
The framework is a coordinated initiative between ADGM authorities to sustain transparency, accountability and market integrity within the centre.
The whistleblowing framework encompasses:
- Dedicated regulations that recognize 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 framework also reflects the endeavors of ADGM market participants to operate in line with the highest global standards of business practice.
Entities within the centre will implement arrangements to support effective whistleblowing by May 31, 2025. Moreover, 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 strengthens. It also ensures that the highest international business standards are upheld.
Operating within an international regulatory framework based on the direct application of English Common Law, ADGM governs the entirety of Al Maryah Island and Al Reem Island collectively designated as the financial free zone of Abu Dhabi.
The authority is one of the most preferred and top-ranking IFCs in the Middle East and Africa region. It is also MENA’s largest fintech hub.
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