12 July 2006 — Public Prosecution — Dubai and DFSA sign MoU

Dubai, July 12, 2006: The Public Prosecution — Dubai and the Dubai Financial Services Authority (DFSA) today signed a Memorandum of Understanding (MoU) to further enhance cooperation between the two agencies.

His Excellency Essam Al Humedan, Dubai Attorney General, and Dr. Habib Al Mulla, Chairman of the DFSA, signed the historic MoU today at the Dubai Public Prosecution Department, restating the commitment of the two agencies to work together in ensuring that any financial crime committed in or from the DIFC is dealt with swiftly and firmly.

The MoU cements an already excellent level of cooperation between the Public Prosecution — Dubai and the DFSA who have liaised together and assisted each other to combat financial crime. Each agency will be able to rely on the MoU to ensure efficient transfer of information, referral of criminal matters, as well as sharing technical know how and joint training in enhancing the credibility of the DIFC’s financial markets and providing expertise to investigate financial crime in the UAE.

His Excellency Essam Al Humedan said: "This MoU is the result of several meetings between the Public Prosecution — Dubai, and the Dubai Financial Services Authority. By virtue of this MOU the exchange of information and technical know-how facilitates a closer working relationship with the DFSA, contributing to the prevention of criminal activity in the financial market; this is in line with the vision, policy and strategic plan of the Public Prosecution — Dubai, developing the role of law and order in the Emirate of Dubai."

Dr. Habib Al Mulla said: "Financial markets today are increasingly international in nature but it is clear that there is also a need for high level cooperation from agencies at a domestic level in order for regulation to be effective. To combat any financial crime that may arise in the DIFC, we need to have effective procedures in place to refer matters to the Public Prosecutions — Dubai. We already have a close relationship and an MoU with the Dubai Police and this will further establish a strong foundation for dealing with any criminal activity within the DIFC."