Cooperation between "Economy and tourism" and"Dubai Financial Services" To promote the growth of financial services
DUBAI, April 2, 2017 (WAM) – The Ministry of Economy and Tourism and the Dubai Financial Services Authority, the independent regulatory body for banking, asset and wealth management, and capital markets in the Dubai International Financial Center, today signed a memorandum of understanding aimed at enhancing joint cooperation to enhance the growth of the financial services sector, and facilitating the exchange of information related to regulatory oversight of auditors, and designated non-financial businesses and professions within the scope of each other’s jurisdiction.
The signing of the memorandum was witnessed by His Excellency Abdullah bin Touq Al Marri, Minister of Economy and Tourism, and Fadel Al Ali, Chairman of the Board of Directors of the Dubai Financial Services Authority.
The memorandum was signed by His Excellency Abdullah Ahmed Mohammed Al Saleh, Undersecretary of the Ministry of Economy and Tourism, and Mark Steward, CEO of the Dubai Financial Services Authority.
His Excellency Abdullah bin Touq Al Marri said that the UAE has paid great attention to developing an advanced infrastructure for the financial services sector, as it is one of the basic pillars of building a knowledge economy based on innovation and flexibility, and the signing of this memorandum reflects the firm commitment to strengthening the national regulatory frameworks for this vital sector, and supporting the competitiveness of the national economy.
He added that by strengthening joint coordination with the Dubai Financial Services Authority, we aim to raise the efficiency of supervisory supervision of auditors and specified non-financial businesses and professions, support investor confidence, and consolidate the distinguished economic position of the UAE and the Emirate of Dubai, and make the Dubai International Financial Center a leading global financial center.
For his part, Fadel Al-Ali said that the memorandum of understanding signed today with the Ministry of Economy and Tourism comes to consolidate the authority’s approach to consolidating the bonds of regulatory cooperation to ensure the application of the highest practices and standards of control across all sectors subject to our regulation, and to support government efforts in combating financial crimes, and laying the foundations for sustainable growth within the financial services system in the country.
The memorandum of understanding establishes a framework for joint cooperation between the two parties, in a way that supports their common goals in maintaining the highest levels of transparency, accountability and integrity across all financial and non-financial sectors.
It also reflects a shared commitment to effective oversight and regulatory enforcement in accordance with best international practices and standards.
In this context specifically, the memorandum aims to consolidate cooperation between the two parties, and to enhance joint commitment and concerted efforts to confront money laundering crimes, combat the financing of terrorism, and financing the proliferation of arms, within the limits permitted under the laws and regulations in force within the scope of their respective jurisdictions.
The memorandum of understanding highlights the importance of information exchange and supervisory coordination in facing renewed regulatory challenges, which contributes to strengthening an integrated financial services system that is flexible, transparent, and supportive of growth in the Dubai International Financial Center, the Emirate of Dubai, and the United Arab Emirates.
- For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and Twitter
