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05 December 2006 — Dr. Habib Al Mulla calls for establishment of an international tribunal for corruption crimes

Dubai, UAE, December 5, 2006: Dr. Habib Al Mulla called for the establishment of an international tribunal to examine crimes of corruption. In his speech ‘Will corruption continue to eliminate opportunity’ yesterday before the Arab Strategy Forum, Dr. Al Mulla called for giving countries the right to bring law suits against multinational corporations involved in corruption.

Dr. Al Mulla also called for action on corruption. He said corruption cost the Arab World some 300 billion dollars annually, proposing 'we need to wake-up and look at what's happening on our doorstep.'

As a precursor to an interactive panel debate Dr. Al Mulla set out a series of observations focusing particularly on reputation and perception, explaining: “For a nation to be perceived to be corrupt is just as damaging as it being corrupt.”

In calling for all possible measures to be taken to improve transparency and increase disclosure, he stated: “We need to enforce laws while improving professional standards and codes of ethics.”

Dr. Al Mulla proposed that when it comes to corruption and avoiding the ensuing trauma 'we must seize the opportunity to build a solid and good reputation'.

During the interactive panel discussion, Dr. Al Mulla cited the DFSA's contribution to improving the UAE's reputation, explaining: “The DFSA has a range of measures to deal with combating financial crime, money laundering, and insider trading,” before adding: “The DFSA operates to the highest of ethical standards and its main powers are drawn from the Regulatory law and Markets law.”

Dr. Al Mulla saw the DFSA as 'a model of good corporate governance' supporting this comment stating: “The DFSA has a distinguished Board with members drawn from a number of financial centres; all who are experts and role models in their fields.”

In concluding, Dr. Al Mulla stated: “I believe the DFSA makes an effective contribution to combating corruption and perceptions of corruption at the level of the UAE.”