DFSA: The watchdog fighting financial crimes

By Faisal Masudi, Staff Reporter

The regulator of the Dubai International Financial Centre (DIFC) is joining forces with global agencies in order to fight money laundering.

Bryan Stirewalt, Director of Supervision, DIFC, said the Dubai Financial Services Authority (DFSA) is a young entity – so criminals may regard it as exploitable, at least initially.

"But people with less than good intentions will find out it’s not the case," he said.

Since 2004, when the DFSA was set up, around 25 Suspicious Transaction Reports were filed with the UAE Central Bank by DIFC-registered companies.

DFSA has agreements with counterparts in 30 countries to fight financial crimes. The DFSA meets the standards of international anti-money laundering groups like the Paris-based Financial Action Task Force (FATF). Stirewalt said bilateral agreements, global reviews and in-house laws should put the business environment at DIFC through DFSA on a par with New York, London and Hong Kong.

http://www.xpress4me.com/news/uae/dubai/20007735.html