Dubai financial regulator warns on illegal Tunisia, Algeria outflows

DIFC regulator warns firms to be alert to possible illicit assets from unstable Arab countries
Dubai financial regulator warns on illegal Tunisia, Algeria outflows
Dubai International Financial Centre
By Bloomberg
Tue 25 Jan 2011 06:15 PM

Dubai
Financial Services Authority told companies operating in the Dubai International
Financial Centre to be vigilant about the outflow of assets from Tunisia and
Algeria.

The
authority, which acts as the regulatory body for the emirate’s financial hub,
advised firms with existing clients in those countries to apply “enhanced due
diligence” to “politically-exposed persons,” a statement on the authority’s
website said.

Companies
should verify an individual’s source of wealth, analyse complex financial
structures such as trusts or multiple jurisdictions, and get senior management
approval for opening accounts, said the authority.

In
Tunisia protests continued today with demonstrators demanding that former
president Zine El Abidine Ben Ali’s party be excluded from any successor
administration. Ben Ali fled January 14 after at least 78 deaths.

Protests have
also erupted in other Arab nations including Algeria, Morocco and Yemen, and
have included self-immolations and references to the Tunisian revolt.

 

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