According to reports in the regional media, the Dubai Financial Services Authority (DFSA) recently signed two memoranda of understanding with the Isle of Man's Financial Supervision Commission and Insurance and Pensions Authority.
The two agreements aim to provide a framework for the provision of mutual assistance and information exchange between the two jurisdictions with regard to cross-border transactions. In addition, the agreements are designed to improve compliance, thereby helping to prevent money laundering and fraud.
The announcement follows the conclusion of a five day visit to the Gulf region by the Isle of Man's Chief Minister, Donald Gelling, and a high level Manx delegation. It also follows the recent signing of an MOU between the Central Bank of the United Arab Emirates and the Isle of Man's Financial Supervision Commission.
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