On 23 March, the Dubai Financial Services Authority and the Bank of Italy signed aMemorandum of Understanding(MoU) to facilitate continued cooperation in the area of financial supervision. This MoU focuses on cooperation and information exchange in supervision and resolution of financial institutions including the important area of fighting financial crime.

This legally non-binding agreementbuilds on a previous MoU signed by the two Authorities in 2013 and updates the framework for effective cooperation and information exchange between the two authorities including, inter alia, procedures for on-site inspections of supervised entities physically located in the jurisdiction of the other authority.

“The DFSA places high important on compliance with international standards of regulation and supervision, including pro-active cooperation and collaboration with other regulators. These areas are even more critical in today’s dynamic market. Supervisory cooperation allows safe and efficient cross-border flows of capital, talent, and knowledge. Our strategic cooperation with the Bank of Italy has significantly enhanced communication between the two financial ecosystems, bringing continuity, stability and certainty to our respective economies,” said Bryan Stirewalt, Chief Executive of the DFSA.