DFSA Signs MoU with AMLSCU of the UAE.Summary: The Dubai Financial Services Authority The Financial Services Authority ("FSA") is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. Its main office is based in Canary Wharf, London, with another office in Edinburgh. (DFSA DFSA Dubai Financial Services Authority (Dubai International Financial Centre) DFSA Direct File System Access (MOSIX) DFSA Drug-Facilitated Sexual Assault DFSA Deterministic Finite State Automaton ) today entered into a Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. (MoU) with the Anti- Money Laundering Suspicious Cases Unit (AMLSCU) of the Central Bank of the United Arab Emirates The Central Bank of the United Arab Emirates (Arabic: مصرف الإمارات العربية المتحدة (CBUAE CBUAE Central Bank of the United Arab Emirates ), regarding co-operation and exchange of regulatory information. DFSA Signs MoU with AMLSCU of the UAE The Dubai Financial Services Authority (DFSA) today entered into a Memorandum of Understanding (MoU) with the Anti- Money Laundering Suspicious Cases Unit (AMLSCU) of the Central Bank of the United Arab Emirates (CBUAE), regarding co-operation and exchange of regulatory information. The MoU was signed by Mr Paul Koster, Chief Executive of the DFSA, and Mr Abdulrahim Mohamed Al Awadi, Assistant Executive Director of the CBUAE and Head of the AMLSCU. The AMLSCU is a special unit of the CBUAE established for investigating fraud and suspicious transactions in the UAE. The AMLSCU has access to all relevant authorities in the UAE as well as those abroad, under the aegis of the National Anti- Money Laundering Committee. The CBUAE licenses and regulates all banks operating in the United Arab Emirates United Arab Emirates, federation of sheikhdoms (2005 est. pop. 2,563,000), c.30,000 sq mi (77,700 sq km), SE Arabia, on the Persian Gulf and the Gulf of Oman. . The DFSA is the regulator of authorised firms, including banks, insurance companies, investment banks, asset managers and fund administrators, providing financial services in the Dubai International Financial Centre The Dubai International Financial Centre (DIFC) is a near-shore financial hub for the MENA containing a capital market designated as a financial free zone in Dubai. It is established to create an environment for growth, progress and economic development in the UAE and the wider (DIFC). Mr Koster said, "The signing of today's MoU has formalised arrangements for co-operation and information sharing that already exists between us. It recognises that both regulators place reliance on the quality of regulatory standards administered in the other's jurisdiction. Continuing close co-operation and future joint initiatives will reinforce our mutual commitment to ensuring financial stability and promote sound economic growth in the region". 2009 Al Bawaba (www.albawaba.com) 2009 Al Bawaba (Albawaba.com) Provided by Syndigate.info an Albawaba.com company |
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