The Dubai Financial Services Authority (DFSA) has partnered with the Central Bank of Egypt (CBE) to strengthen co-operation in preventing financial crimes.

Both the regulators signed a memorandum of understanding (MoU) to work together in improving performance of their respective supervisory tasks.

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They will also collaborate to improve operational soundness of the banks running in Egypt and Dubai.

The scope of partnership between DFSA and CBE includes combatting financial crime and discussing crisis management. They also agreed to conduct joint supervision of common firms.

CBE governor Tarek Amer said: “The MoU signed with the DFSA will help facilitate the exchange of information and performance of the supervisory tasks as well as promote the safety and soundness of banks in our respective jurisdictions, exchanging staff experience and training in the scope of banking supervision.”

DFSA chief executive Bryan Stirewalt said: “This MoU will enhance the cooperation and relationship between the two parties by promoting stable and transparent financial services in our respective jurisdictions as well as contribute to strengthening investor confidence.”

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This is the seventh MoU signed by the DFSA with a national central bank. The financial regulator has similar agreements with the central banks of Bahrain and Oman.

In March, DFSA signed a MoU with Moroccan central bank Bank Al Maghrib to step up bank supervision.

Overall, DFSA has signed 110 bilateral MoUs and five multilateral MoUs to boost regulatory co-operation in financial sector.