Dr. Habib Al Mulla called for the establishment of an international tribunal to examine crimes of corruption. In his speech ‘Will corruption continue to eliminate opportunity’ yesterday before the Arab Strategy Forum, Dr. Al Mulla called for giving countries the right to bring law suits against multinational corporations involved in corruption.
Dr. Al Mulla also called for action on corruption. He said corruption cost the Arab World some 300 billion dollars annually, proposing 'we need to wake-up and look at what's happening on our doorstep.'
As a precursor to an interactive panel debate Dr. Al Mulla set out a series of observations focusing particularly on reputation and perception, explaining: “For a nation to be perceived to be corrupt is just as damaging as it being corrupt.”
In calling for all possible measures to be taken to improve transparency and increase disclosure, he stated: “We need to enforce laws while improving professional standards and codes of ethics.”
Dr. Al Mulla proposed that when it comes to corruption and avoiding the ensuing trauma 'we must seize the opportunity to build a solid and good reputation'.
During the interactive panel discussion, Dr. Al Mulla cited the DFSA's contribution to improving the UAE's reputation, explaining: “The DFSA has a range of measures to deal with combating financial crime, money laundering, and insider trading,” before
adding: “The DFSA operates to the highest of ethical standards and its main powers are drawn from the Regulatory law and Markets law.”
Dr. Al Mulla saw the DFSA as 'a model of good corporate governance' supporting this comment stating: “The DFSA has a distinguished Board with members drawn from a number of financial centres; all who are experts and role models in their fields.”
In concluding, Dr. Al Mulla stated: “I believe the DFSA makes an effective contribution to combating corruption and perceptions of corruption at the level of the UAE.”
The Dubai Financial Services Authority (DFSA) is an independent, integrated regulatory authority responsible for the regulation of all financial and ancillary services conducted in or from the Dubai International Financial Centre (DIFC), including asset management, banking, securities trading, Islamic finance, re-insurance, and an international financial exchange. The DFSA has been created using principle-based primary legislation modelled closely on that used in London and New York, and the DFSA regulatory regime operates to standards that meet or exceed those applying in the world's major financial centres.
The Dubai Financial Services Authority (DFSA) is a central component of the DIFC, a new financial centre established to position Dubai as a recognised hub for institutional finance, and the regional gateway for capital and investment to the Middle East.
Dr Habib Al Mulla was appointed Chairman of the DFSA in June 2004. Dr. Al Mulla holds an LLB in Shari’a and law from the UAE University; LLM from Harvard Law School and a Ph.D. from the University of Cambridge. He is also the Managing Partner of Habib Al Mulla & Company, a leading law firm based in Dubai. Dr Al Mulla has been a Member of the UAE Federal National Council since 2002.
