Abu Dhabi, UAESunday 18 August 2019

ADGM inks deal with Casablanca Finance City Authority to foster closer collaboration

The financial centre also published a consultation paper setting out proposed revisions to the regime’s efforts for combatting crime

Dhaher Bin Dhaher Al Mheiri, Chief Executive Officer of ADGM's Registration Authority and Said Ibrahimi, Chief Executive Officer of the Casablanca Finance City Authority signed the agreement which aims to promote the development of the financial services sector. Courtesy: ADGM
Dhaher Bin Dhaher Al Mheiri, Chief Executive Officer of ADGM's Registration Authority and Said Ibrahimi, Chief Executive Officer of the Casablanca Finance City Authority signed the agreement which aims to promote the development of the financial services sector. Courtesy: ADGM

The Registration Authority of Abu Dhabi Global Market, the emirate's international financial centre and Morocco's Casablanca Finance City Authority (CFCA) signed a preliminary agreement to foster collaboration and promote the development of financial services in the the two countries and the continent of Africa.

The partnership is the first of its kind established by CFCA with a GCC financial centre, and focuses on strengthening ties between the authorities to explore cross-border initiatives to facilitate knowledge sharing and accelerate the development of the financial services sector, AGDM said on Monday. The agreement provides a platform for the authorities to foster best practice and knowledge in the areas of green finance, Islamic finance and financial technologies.

“We look forward to working closely with Casablanca Finance City to bolster knowledge sharing initiatives and achieve sustainable development in all respective markets, in addition to supporting international relations," said Dhaher Al Mheiri, chief executive of the ADGM Registration Authority. "We will work closely to develop a robust financial services sector that is supported by green finance and innovative financial technologies."

Mr Said Ibrahimi, chief executive of CFCA, said the partnership "will play an instrumental role" in fostering business ties between the UAE, Morocco and Africa.

Also on Monday, ADGM published a consultation paper setting out proposed revisions to the financial centre's regime for combatting money laundering, financing of terrorism and proliferation, and financing of unlawful organisations. The proposed revisions to the anti-money laundering regime were formulated in line with a review of the UAE's federal criminal laws and are aligned with the recently revised UAE Federal anti-money laundering legislation and the recommendations of the Financial Action Task Force (FATF).

In 2017, ADGM established the Financial Crime Prevention Unit to promote sound practices in prevention of financial crimes. The centre's financial regulatory regime is designed to augment the UAE's ongoing efforts in combatting financial crimes. Financial institutions and designated non-financial businesses and professionals registered in ADGM are required to comply with the revisions to the regime.

Updated: February 11, 2019 03:45 PM

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