Initiative to enhance financial services growth and strengthen audit and regulatory oversight
The UAE Ministry of Economy and Tourism and the Dubai Financial Services Authority (DFSA) recently signed a Memorandum of Understanding (MoU) to enhance cooperation and facilitate the exchange of information relating to the regulatory oversight of auditors and Designated Non-Financial Businesses and Professions (DNFBPs) within their respective jurisdictions.
“Through closer coordination with the DFSA, we aim to enhance the effectiveness of supervision over auditors and Designated Non-Financial Businesses and Professions, fostering investor confidence and reinforcing Dubai International Financial Centre, Dubai, and the UAE’s position as a leading global financial hub,” affirmed HE Abdulla Bin Touq Al Marri, Minister of Economy and Tourism.
Robust standards
“By strengthening cooperation with the Ministry of Economy and Tourism, we enhance the Dubai Financial Services Authority’s ability to uphold robust standards across the sectors that we supervise, while contributing to Dubai and the United Arab Emirates’ broader efforts to combat financial crime and support the sustainable growth of its financial services sector,” commented Fadel Al Ali, Chairman, DFSA.
The MoU establishes a framework for collaboration between the two authorities, supporting their shared objective of maintaining high standards of transparency, accountability, and integrity across financial and non-financial sectors. The agreement reflects a mutual commitment to effective supervision and enforcement in line with international best practices.
