Dubai: Double Tax Treaties
Other International Agreements
Speaking at a Global Banking Strategy Summit held in Dubai in April, 2004, Abdulrahim Mohamed Al Awadi, assistant executive director in charge of the UAE Central Bank's Anti-Laundering and Suspicious Cases Unit announced that the UAE is willing to provide assistance to other countries looking to draft new anti-money laundering legislation and to create financial intelligence units.
He also reiterated the commitment of the United Arab Emirates to its own anti-money laundering and terrorist financing campaign, and suggested that the jurisdiction has shown leadership in the region.
"Being in the vanguard in the global fight against money laundering and financing terrorism, the UAE is keen to share its experience with regulators from other jurisdictions," Mr Al Awadi told delegates, according to the Khaleej Times Online.
In January 2005, the DIFC Financial Services Authority (DFSA), which is the regulatory body for the Dubai International Financial Centre (DIFC) announced that it was in talks with 20 regional and international regulators with a view to securing memoranda of understanding on information exchange.
As of 2013, the DFSA had entered into bilateral MoUs with regulatory authorities in the following jurisdictions:
- Australia - Australian Securities and Investments Commission
- Belgium - Banking, Finance and Insurance Commission
- Canada - Superintendent of Financial Institutions of Canada
- Cayman Islands - Cayman Islands Monetary Authority
- China - China Banking Regulatory Commission; China Securities Regulatory Commission
- Cyprus - Securities and Exchange Commission
- Denmark - Finanstilsynet
- Egypt - Capital Markets Authority
- France - Banque de France; French Markets Authority
- Germany - Bundesanstalt fur finanzdienstleistungsaufsicht (BaFin)
- Greece - Hellenic Capital Market Commission
- Guernsey - Financial Services Commission
- Hong Kong - Securities and Futures Commission
- Iceland - The Financial Supervisory Authority
- India - Reserve Bank of India; Securities and Exchange Board of India
- Ireland - Irish Financial Services Regulatory Authority
- Isle of Man - Financial Supervision Commission; Insurance and Pensions Authority
- Japan - Japan Financial Services Authority; Ministry of Agriculture, Forestry and Fisheries; Ministry of Economy, Trade and Industry (METI)
- Jersey - Financial Services Commission
- Jordan - Insurance Commission; Central Bank of Jordan
- Korea - Financial Supervisory Commission
- Luxembourg - Commission de Surveillance du Secteur Financier
- Malaysia - Securities Commission; Bank Negara/the Central Bank
- Malta - Malta Financial Services Authority
- Netherlands - Authority for the Financial Markets; De Nederlandsche Bank
- New Zealand - Securities Commission
- Oman - Capital Market Authority
- Portugal - Banco de Portugal
- Qatar - Qatar Financial Centre Regulatory Authority
- Singapore - Monetary Authority of Singapore
- South Africa - Financial Services Board; Reserve Bank
- Switzerland - Swiss Federal Banking Commission; Swiss Financial Market Supervisory Authority
- Sweden - Finansinspektionen (FI)
- Thailand - Securities and Exchange Commission
- Taiwan - Financial Supervisory Commission of Chinese Taipei
- Turkey - Capital Markets Board; Banking Regulation and Supervision Board
- United Kingdom - Financial Services Authority
- United States - Commodity Futures Trading Commission; Public Company Accounting Oversight Board; The Federal Reserve; New York State Banking Department
The DFSA has also entered into MoUs with the Dubai Police and the Dubai Public Prosecution Department. In addition, it has signed MoUs with four regulatory authorities of the UAE, including: the Emirates Securities and Commodities Authority; the Central Bank of the United Arab Emirates; Anti-Money Laundering Suspicious Cases Unit of the Central Bank; and the Insurance Authority of the United Arab Emirates.
These MoUs provide the formal basis for co-operation between regulatory authorities, including the exchange of information and investigative assistance, based on existing laws. However, the MoUs do not oblige regulators to release information that would otherwise be unlawful, nor do they compel assistance that can only be voluntary.