ADGM, the international financial centre of the UAE’s capital, on 10 July published 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
It covers dedicated regulations that recognise and protect good faith reporting of ‘protected disclosures’ and availability of internal and external channels for reporting reasonably suspected breaches of ADGM legislation or financial crime.
There is also protection for anonymous reporting in good faith of reasonably suspected misconduct, and non-retaliation protections integrated into existing employment regulations to guard employees of all ADGM entities against retaliation for speaking up.
Good governance requirements are included in the new rules too, to support whistleblowing for all ADGM entities, with written policies and procedures for firms licenced by the FSRA, designated non-financial businesses or professions (DNFBPs) and large ADGM entities.
The statement said: “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.”
