Dubai Unveils Regulatory Blueprint for International Financial Centre
Dubai has taken another step towards the launch of the Dubai International Financial Centre (DIFC) with the publication of its Regulatory Law. This law specifies the DIFC’s ambitious plan to create the region’s first regulatory framework equal in quality to the world-leading centres of London, Hong Kong and Wall Street. The law, published for consultation by the DIFC’s Regulatory Authority, creates a framework built on the best practice of leading jurisdictions in Europe, North America and the Far East. The DIFC hopes this will allow the world’s banking and financial institutions a sense of familiarity when dealing with the fledgling institution. According to the DIFC, the law is based on its fundamental principles of integrity, transparency and simplicity. The draft also reflects the desire of the Regulatory Authority to work closely with the UAE Central Bank on vital areas such as money laundering compliance.