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Dubai Police and DFSA sign MOU on cooperation and exchange of information
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Nov 30 2005 onwards

Dubai Police and DFSA sign MOU on cooperation and exchange of information



Dubai, 30 November, 2005: The Dubai Police and the Dubai Financial Services Authority (DFSA) today signed a Memorandum of Understanding (MOU) to further enhance regulatory cooperation and information sharing between the two agencies.

Major General Dhani Khalfan Tamim of the Dubai Police, and Dr. Habib Al Mulla, Chairman of the DFSA, signed the historic MOU today at the Dubai Police Headquarters, reiterating the commitment of two agencies to work together in ensuring that any financial crime committed in or from the DIFC is dealt with swiftly and firmly.

The MOU cements an already excellent level of co-operation between the Dubai Police and the DFSA, who have already worked together and assisted each other to combat financial crime. Each agency will be able to rely on the MOU to ensure efficient transfer of information, referral of criminal matters, as well as share technical know-how and joint training in enhancing the credibility of the DIFC's financial markets.

Major General Dhani KhalfanTamim of the Dubai Police, said:

"The MOU aims at supporting the UAE regulatory agencies and minimising financial market crime. The MOU will facilitate a closer working relationship with the DFSA and will help prevent criminal activity, including fraud, money laundering, and other prohibited practices in the securities markets of the DIFC and greater UAE."

Dr. Al Mulla said:

"Although securities markets today are increasingly international in nature they also require cooperation from agencies at a domestic level in order for regulation to be effective. To combat any financial crime that may arise in the DIFC, we need to have effective procedures in place to refer criminal activities to the Dubai Police. It is for this reason that the DFSA sees this MOU with Dubai Police as significant in protecting the UAE securities markets the most dynamic and best regulated markets in the Middle East.

David Knott, CEO of the DFSA confirmed:

"This MOU with the Dubai Police is part of the DFSA's mandate to be proactive and tough on financial crime including, market abuse. It will also enable the DFSA to swiftly refer criminal matters to the Dubai Police to protect the DIFC and combat financial crime."