DUBAI, 28th October, 2022 (WAM) -- The Dubai Financial Services Authority (DFSA) has signed a Memorandum of Understanding (MoU) with the Bangladesh Securities and Exchange Commission (BSEC) to foster an open dialogue and enable exchange of information between the two authorities to fulfil their respective regulatory mandates.
The MoU was signed by Ian Johnston, Chief Executive of the DFSA, and Professor Shibli Rubayat Ul Islam, Chairman of the BSEC.
The agreement provides a framework for facilitating cross-border collaboration between the two bodies on supervision and enforcement actions.
Under the terms of the MoU, the DFSA and BSEC will enable knowledge sharing on best practices in regulatory, supervisory and licensing in the financial markets. The bodies will also confer closely on money laundering or terrorist financing risks amongst supervised entities and the existing AML/CFT systems and controls within firms.
Ian Johnston, Chief Executive of the DFSA said, "The reinforcement of supervision and regulatory cooperation between the DFSA and BSEC will result in greater market accessibility, ease of doing business as well as strengthened investor trust in both jurisdictions. We are confident that this in turn will encourage registered firms to raise their standards of fair dealing and drive further economic growth."
Professor Shibli Rubayat Ul Islam, Chairman of the BSEC, said, "We are very excited that after 50 years of independence and friendship BSEC and DFSA are entering into a relationship anchored in cooperation, assistance, and research amongst other factors. This collaboration will take the capital markets of both our growing and vibrant countries forward."