Dubai and India’s financial regulators seek closer cooperation

Dubai’s financial regulator and India’s International Financial Services Centre Authority (IFSCA) have signed a memorandum of understanding to increase supervision, enforcement and oversight on companies with presence in both jurisdictions.

The agreement between the Dubai Financial Services Authority and IFSCA will also help in the exchange of information relating to financial crime such as money laundering, terrorism financing, arms proliferation financing or targeted financial sanctions, DFSA said on its website Tuesday.

The UAE, home to the Middle East financial hub Dubai, has worked over the last few years to overcome a perception it is a hot spot for illicit money.Last year, the UAE government created an Executive Office for Anti-Money Laundering and Counter Terrorism Financing, while Dubai also set up a money laundering court. DFSA said the two authorities will work closely to foster the development of the financial sector, it said. India’s IFSCA is a unified authority for development and regulation of financial products, financial services and financial institutions in the international financial services centre in Gujarat.

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