The Dubai International Financial Centre (DIFC)

The Dubai International Financial Centre (DIFC) is an on-shore financial hub which aims to provide a platform for business and financial institutions to reach into and out of the emerging markets of the region. It was established to create an environment for growth, progress and economic development in the United Arab Emirates and the wider region by providing the needed legal and business as well as physical infrastructure benchmarked against international standards.

The DIFC is an independent jurisdiction under the UAE Constitution, and has its own independent civil and commercial laws, which are written in English and which default to English law. It also has its own courts, with judges taken from leading common law jurisdictions including England, Singapore and Hong Kong. The DIFC-LCIA Arbitration Centre is an independent centre of international arbitration that uses rules modeled on the London Centre of International Arbitration.

Role as an international financial centre

License applications are considered from financial institutions in the sectors. Each of these units offer benefits such as zero tax rate on income and profits, 100 percent foreign ownership, no restrictions on foreign exchange or capital/profit repatriation, operational support and business continuity facilities.
One of the key elements of the centre is a privately held financial exchange that opened in September 2005 as Dubai International Financial Exchange (DIFX) but was rebranded to NASDAQ Dubai in the year 2008.
The trading hours of NASDAQ Dubai are from 10:00am to 2:00 pm (06:00 am to 10:00 am GMT) from Sunday to Thursday.^[3]
Companies listed on NASDAQ Dubai include ordinary shares listed by DP World along with DEPA. DP World's initial public offering was the largest ever in the Middle East and raised $4.96 billion;^[4] it was 15 times oversubscribed, and is one of the most valued companies in the Middle East Region.^[5]
NASDAQ Dubai is regulated by Dubai Financial Services Authority.^[6]

DUBAI Court Circulars

Circular Concerning Procedures For Anti-Money Laundering (2004), Federal Laws

In order to prevent brokers from taking advantage -thorough the competitive environment fo the securities markets in the country - to launder funds by ignoring the source of funds of some customers,
And in accordance with the provisions of Union Law No. (4) of 2002, regarding the criminalization of moey laundering, the Board of Directors of Securities and Commodities Authority has decided the following in the this regard: 

Article 1 Definition of money laundering Money laundering refers to purchase of securities with funds, whose source in not identified accurately, or emanating from an unknown or disguised source, so that it appears to have originated from a legitimate source, where in fact it has not.
Article 2 Scope of application of procedures These procedures apply to the securities markets licensed in the country, and to brokers, working at them.
Article 3 Investros accounts and required documents Financial markets and/or brokers, while opening any account, shall undertake to ensure obtaining all information and necessary documents which include the following: a- Full names(s) of customer(s) and his/their address(es). b- Trade licence(s) c- Place of work. d- Checking the original passport and keeping a copy thereof initialed by the relevant officer.
Article 4 Settlement procedures All settlement transactions between the investor, the broker and the financial markets, whose cash value equal to or exceed forty thousand dirhams (AED 40.000) must be recorded per the attached form No. (1).
Article 5 1- Reporting unusual transactions Financial markets and/o brokers working at them shall undertake to report to the examination and follow -up section at the Securities and Commodities Authority any unusual transaction, per a special form. The party which receives STR's must analyze and check these reports prior to sending them to AMLSCU at the Central Bank to take the necessary action in their reard. 2- Each financial market shall undertake to appoint an officer responsible for compliance and for contacting the Securities and Commodities Authority to report any suspicious money laundering cases, and to maintain records in their regard. 3- The financial market which fails to report unusual or suspicious cases, as previously mentioned, shall be liable to penalties.
Article 6 Staff training The compliance officer in each financial market shall be responsible for a training programme for the staff involved in receiving cash, overseeing accounts and preparing STRs.
Article 7 Record and File keeping system Each financial market shall establish a file keeping system, obliging representatives of brokers, who work at it, to keep all corresppondence, contracts and transactions, they carry out, in special files. These files shall be kept and made available for the Authority's examiners and law enforcement authorities of Union Law No. (4) of 2002, regarding criminalization of money laundering, for a minimum period of five (5) years.
Article 8 Interpreting the provisions of the circular The Chairman of the Board of Directors of the Securities and Commodities Authority shall be teh sole and only interpreter of the provisions of this circular.
Article 9 Implementation procedures These procedures hall come into force from 18-2-2004. This entails making arrangements and taking the necesary steps from now.
Article 10 Publication of the Circular The circular shall be notified to the concerned to implement its provisions and shall be published in the offical Gazette in both Arabic and English. Any circulars, notices, decisions or directives that are in conflict with the provisions of theis circular shall become cancelled.
Article 11 The attached forms are an integral part of this circular.