Morocco’s Central Bank Signs Cooperation Deal with Dubai Financial Services Authority

Morocco’s Bank Al Maghrib (BAM) and Dubai Financial Services Authority (DFSA) have agreed on Wednesday in Rabat to strengthen cooperation in financial services and in enhancing investors’ confidence.

Inked by Abdellatif Jouhari, Governor of Bank Al Maghrib, and Chief Executive of the DFSA, Bryan Stirewalt, the agreement provides for coordination and cooperation between the two sides in the supervision of banks’ activities overseas, including within international financial hubs such as Dubai and in Morocco.

The two authorities pledge to share information on the financial soundness of the financial or credit institutions, as well as concerns arising from supervisory visits and reports.

They will also cooperate closely to identify any suspected financial crime activities in banks of mutual interest, including in relation to unauthorized banking services, money laundering or any violation of financial market laws. Any imminent crisis issues involving the financial or credit companies will also be duly notified.

Speaking during signing ceremony, the Governor of Bank Al Maghrib voiced commitment to upholding the highest corporate governance standards regarding activities of credit institutions in Morocco, and to supervise their international banking operations.

The cooperation deal sealed with the DFSA will help enhance the “regulatory controls which are necessary to curb financial crimes and to facilitate sound and orderly cross-border banking transactions”, said Mr. Jouhari

For his part, Chief Executive of DFSA Bryan Stirewalt stressed the importance of the accord signed with Bank Al Maghrib, saying it will drive greater transparency in relation to the functioning and operations of banks of mutual interest.

“By promoting stable and transparent financial services, the accord will contribute to strengthening investor confidence and promoting stronger bilateral financial services”, added Mr. Stirewalt.