GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >>

 
  Share

Dubai, UAE; March 14, 2019:   The Dubai Financial Services Authority ('DFSA') has signed a Memorandum of Understanding ('MoU') with Morocco's Bank Al Maghrib to cooperate in the authorisation and supervision of banks operating in the Dubai International Financial Centre (DIFC) and the Kingdom of Morocco.

The MoU was signed by the Chief Executive of the DFSA, Bryan Stirewalt, and Abdellatif Jouhari, Governor of Bank Al Maghrib, on 13 March 2019 in Rabat. 
Stirewalt said: “The MoU between the DFSA and Bank Al Maghrib will drive greater transparency in relation to the functioning and operations of banks of mutual interest. By promoting stable and transparent financial services in our respective jurisdictions, the MoU will contribute to strengthening investor confidence and promoting stronger bilateral financial services.”

The Governor of Bank Al Maghrib, said: “We confirm our commitment to upholding the highest corporate governance standards as regards activities of credit institutions in Morocco, and to supervising their international banking operations, including in key international financial hubs such as Dubai. The new MoU signed with the DFSA will help adopt the regulatory controls which are necessary to curb financial crimes and to facilitate sound and orderly cross-border banking transactions”.

The MoU also provides for coordination and cooperation in relation to applications to establish a branch in either jurisdiction. Additionally, information relating to the financial soundness of the financial or credit institutions, as well as concerns arising from supervisory visits and reports will be duly shared with the other party. Representatives of the two authorities will convene ad-hoc meetings to resolve any supervisory concerns relating to a cross-border establishment in either jurisdiction. 

The two authorities will also cooperate closely to identify any suspected financial crime activities in banks of mutual interest, including in relation to unauthorised banking services, money laundering or any violation of financial market laws. Any imminent crisis issues involving the financial or credit companies will also be duly notified. 

The agreement is the sixth MoU signed by the DFSA with a Central Bank in the region and reflects the level of trust and confidence each Authority has for the other. In 2018, DFSA signed MoUs with the Central Bank of Bahrain and the Central Bank of Oman to cooperate in the supervision and authorisation of firms operating in both jurisdictions. This builds upon a MoU signed with the Central Bank of the UAE in 2009, Banque Du Liban in 2013 and the Central Bank of Jordan in 2007.

For the past few years, banking supervisors from both the DFSA and the Bank Al Maghrib have participated in another increasingly important platform for cooperation, a supervisory college of a regional bank. Both authorities are also members of the global standard setter, the Islamic Financial Services Board. The bi-lateral MoU signed this week between the two authorities enhances this relationship, reflecting both authorities' commitment to cooperation and international standards.  



Posted by : GoDubai Editorial Team
Viewed 3007 times
Posted on : Thursday, March 14, 2019  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Dubai Customs joins Ministry of Climate Change's Innovation Talks
Next Story : DWTC caters for more than 1,000 high profile large-scale external events in 2018
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Celebrate Mother's Day with the perfect gift from Sawalef Perfumes
The essence Guide to a Mother's Day done right!
Get Kylie Minogue's Youthful Complexation with The Organic Pharmacy's Rose Diamo...
Dubai Festival City Mall picks the perfect gifts to say thank you to all mums th...
Visa partners with Starbucks & Hardee's to help promote the use of Apple Pay in ...
Zoho sees over 100% market growth in the UAE, announces initiatives for the region
Trade-in Your Old Device for a brand new Galaxy S10
Desigual ‘Not the Same' Since 1984
Splash launches Regional Designer Collaborations
A major presence of the French cosmetics industry at Beauty World Middle East in...
Step up your make-up game for Spring/Summer '19 with Lottie London
Giti Tire Celebrates New Beginnings with Opening of First Middle East Flagship S...
TREND ALERT: Denim | Marks & Spencer
Michael Michael Kors Spring 2019: Middle East Edit
Fit and Fabulous – now a possibility with HONOR technology
Hucklebones create charming pieces for girls filled with easy-going elegance for...
Lulu Promotes Food Is Great Britain: A British Food Festival
HP Raises the Bar for Exciting and Secure Devices with Cutting Edge PC Innovations
Ericsson and UNESCO launch new global AI skill development initiative for youth
Cole Haan Delivers True Performance Footwear With the Release of the Zerøgr...
Malabar Gold & Diamonds actively participated in UAE National Sports Day conduct...
LG's Smart Kitchen Appliances Help Families Eat Healthy, Stay Fit and Waste Less
It just keeps getting better: Nokia 3.1 gets a fresh slice of Android 9 Pie
Coach presents Park Collection
Olivia Burton presents Sunlight Florals/Mothers and daughters collection
Etisalat AGM approves Full-year 2018 dividends of 80 fils per share
Meet HP Tango! The Home Printer Reinvented
Volvo Cars celebrates 60 years of sharing safety knowledge with open-for-all dig...
Epson's latest A4 business inkjets help businesses print more for less
Smiles, and Medals, All Round After Double Success for Team GB Siblings at World...
MOTIONGATE™ Dubai launches special treat for moms to celebrate Mother's Day on ...
HUGO BOSS Watches INTENSITY Collection
Fintech will radically improve financial health of people in the Gulf, say experts
Italian Design Day returns to Dubai with the theme Internet of Things
Jaguar F-Pace: 300 Sport and Chequered Flag Special Editions Join Award-winning...
New 2019 Cadillac CT6 makes its Middle East debut
Emirates Foundation's Think Science Fair kicks off in Fujairah
IKEA X TOM DIXON X YOU
The S Hotel Al Barsha to Debut at Arabian Travel Market
Dubai Cares' latest edition of Volunteer Emirates 2019 draws support for the Nat...
Finnovex ME to focus on disruptive innovations in banking and finance sectors
Saudi Arabia and Huawei sign 5 MoUs at the Saudi-Chinese Investment Forum
Applications now open for visiting students to take part in summer research at N...
Moms Eat Free on Mother's Day
Manzil and Repton school Dubai collaborate on sustainable art project
Ministry of Health launches 3rd phase of Heart Experts Programme
Team GB Cycling Star Kiera Byland Takes Gold Medal in Her First Race at World Ga...
Top Tips on choosing the perfect Coffee Table
Dubai Customs concludes 24th edition of Carpet & Art Oasis 2019
About TK' operations with B737 MAX type aircrafts