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Dubai's Trust Laws Win International Recognition

by Lorys Charalambous, for, Cyprus

29 September 2006

The Dubai Financial Services Authority (DFSA), the regulator for the Dubai International Financial Centre (DIFC), has been awarded ‘Best Government Initiative of the Year’ by the Society of Trust & Estate Practitioners (STEP) for its new trusts legislation.

The award was presented by George Tasker, STEP Founder and President, at the society’s first Private Client Awards for the trust and estates community in London on Wednesday.

The DFSA’s Trust Law, which provides a legal foundation for trusts to operate throughout the region, using the DIFC as their platform, has been specifically built to fit the needs and requirements of trust operators and is based on international best practice.

Commenting on the accolade, Dr. Omar Bin Sulaiman, Governor of the DIFC, noted: “This award reflects the hard work done by the DFSA and is testament to the DIFC’s commitment to ensuring authorised firms operate in a world-class legal and regulatory environment. The Trust Law provides an internationally-recognised legal platform for trust operators to operate throughout the Middle East and North Africa region”.

Meanwhile, Assem O. Kabesh, Chief Business Development Officer and Board Member at the DIFC Authority, observed that: “The DIFC is a unique domicile, providing trust operators with zero tax, state-of-the-art infrastructure and a fully transparent, internationally-recognised legal and regulatory environment”.

The DFSA is the independent integrated regulator for all financial services activity within the DIFC. It is an associate member of the International Organisation of Securities Commissions and signatory to the IOSCO Multilateral Memorandum of Understanding.

The DIFC is the world’s fastest-growing financial centre and the hub for business activity in the MENA region. In just over one year, more than two hundred top international institutions have joined the DIFC as registered firms.

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