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| DFSA Assumes Regulatory Responsibilities In Dubai |
by Lorys Charalambous, Tax-News.com, Cyprus
Wednesday, January 18, 2012
Dubai has amended its anti-money laundering and counter-terrorism laws, placing
responsibility for supervision and enforcement in the hands of the Dubai Financial
Services Authority (DFSA).
The Ruler of Dubai, Sheikh Mohammed Bin Rashid Al Maktoum, enacted
the changes to the Dubai International Financial Centre (DIFC) Law No 1 of 2004
(Regulatory Law 2004) on January 15. Under the amendments, the regulation of DIFC Anti-Money
Laundering (AML) and Combating the Financing of Terrorism (CFT) requirements
for Designated Non-Financial Businesses and Professions (DNFBP) in the DIFC
is transferred to the DFSA.
On January 15, the DFSA assumed responsibility for, and became the single
AML/CFT regulator of all AML/CFT supervision and enforcement in the DIFC. Previously,
DNFBPs were supervised for AML/CFT compliance by the Dubai International Financial
Centre Authority (DIFCA).
Accompanying these amendments to the Regulatory Law 2004 is the introduction
of a new DFSA rulebook “Designated Non-Financial Businesses and Professions
Module” (DNF), which provides rules and guidance to those firms now falling
under the DFSA’s supervision.
Abdulla Mohammed Al Awar, Chief Executive Officer of DIFCA said: “This
move further portrays the co-operation between DIFC bodies to ensure that the
highest standards of compliance are achieved. It also comes in line with our
commitment to the continuous development of DIFC’s legal and regulatory
framework and providing the ideal platform for our clients to grow and prosper.”
Paul M. Koster, Chief Executive of the DFSA added: “The transfer of these
supervision and enforcement powers to the DFSA creates a single regulator of
AML/CFT obligations in the DIFC and will ensure greater consistency in the regulation
of all DIFC-incorporated entities. The DFSA will continue to work closely with
the Central Bank’s AML Suspicious Cases Unit to combat the risk of money
laundering and terrorist financing.”
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