Dubai, India sign agreement for cross-border financial supervision

Dubai: Financial services authorities in the UAE and India have signed an agreement for enhanced cross-border financial supervision, it was announced on Tuesday.

The memorandum of understanding was signed between the Dubai Financial Services Authority (DFSA) and the International Financial Services Centre Authority (IFSCA) in India to consult, cooperate and exchange financial information.

The MoU will also aid the exchange of information relating to financial crime such as money laundering, terrorism financing, proliferation financing or targeted financial sanctions.

“Innovation and technology are rapidly changing the face of the global financial ecosystem. We welcome the opportunity to share our experiences and expertise with a partnership between DFSA and IFSCA that will further advance the development of our respective economies,” said DFSA chairman Fadel Al Ali.

IFSCA chairman Injeti Srinivas commented: “The signing of the MoU between IFSCA and DFSA is of immense significance considering the strong and growing economic ties between our two counties. The MoU provides a strong foundation for strengthening our bilateral cooperation and we look forward to working closely with our counterparts in DFSA for the development and regulation of financial markets in both the jurisdictions.”