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Dubai Police Force And DFSA Join Forces On Money Laundering

by Lorys Charalambous, for LawAndTax-News.com, Cyprus

05 December 2005


It emerged last week that the Dubai Financial Services Authority and the emirate's police force have signed an agreement designed to clamp down on fraud and money laundering.

The pact, signed by Lieutenant General Dahi Khalfan Tamim on behalf of the Dubai police and Dr Habib Al Mulla, Chairman of the DFSA, aims to ensure the rapid transfer of information between the two entities, referral of criminal matters, and the sharing of technical knowledge.

Speaking to the regional media, Dr Al Mulla explained that:

"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."

He continued:

"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."


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