Dubai Customs curbs counterfeit bank note shipments
Chairman of the Emirates Group Sheikh Ahmed Bin Saeed Al-Maktoum has signed an agreement on behalf of Transguard, with the Dubai Ports, Customs and Free Zone Corporation to carry out the inspection of all shipments of bank notes into and out of Dubai.
Recent attempts to import counterfeit bank notes into Dubai have resulted in a requirement by Dubai Customs for all banknote shipments, either imported into or exported from Dubai, to go through an inspection process. Inspection becomes mandatory on July 19, 2003.
Earlier this month, the Customs authorities at Dubai International Airport foiled yet another attempt to smuggle in counterfeit euros and US dollars with a face value in excess of five million dollars.
Under the terms of the new agreement, Transguard will provide cash processing services at its Cash Management Center (CMC) located in the Dubai Airport Free Zone. All bank note shipments will undergo a verification process at the CMC after which a Certificate of Verification (COV) will be issued. Only shipments with a valid COV will be allowed to be imported/exported. The inspection process will also apply to hand-carried bank note shipments.
The CMC is a multi-million dollar facility operated by Transguard in partnership with German-based Giesecke & Devrient. Transguard is the Emirates Group's security services provider and was the first company in the UAE to provide a complete security service for the storage and transportation of valuables. Transguard provides security solutions and offers a range of specialized services tailored to the needs of individual companies and industries.
Transguard handles all valuable cargo for export and import through Dubai airport, provides secure transportation in armored vehicles for valuables, provides international insurance tailored to individual needs and has an array of services ranging from airport to airport to door to door. — (menareport.com)
© 2003 Mena Report (www.menareport.com)