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Cleaning up the region’s financial scene

Cleaning up the region’s financial scene

The economic crisis seems to have done us one good service: The region is finally putting its financial houses in order.

February 1, 2011 4:45 by

“This development is phase one of DFM’s drive to implement international best practices, whilst continuing to respond to the UAE Securities and Commodities Authority (SCA) future regulations and closely cooperating with SCA in its efforts to develop the financial markets in the UAE,” said Emirates 24-7.

The chief of the DFM is quoted as saying how great the Delivery versus Payment system will be, but we’ll spare you that. All you need to know is that, hit hard by a massive slump in liquidity following the crisis, the local exchanges have realized if you want to keep money in the bad times, you need to meet international standards. So, they learned pretty much the same thing that those financial institutions figured out. Transparency, accountability, regulation – all good things.

Meanwhile Dubai Police Chief Lieutenant General Dahi Khalfan Tamim, last week encouraged anyone who had embezzled public funds to return the money. Good for him, thinks Kipp, though it’s probably wishful thinking to expect anything back. But the point is, he was saying this following the State Audit Institution launching a set of new guidelines to ensure transparency, accountability and better use of public money. The public sector is just as aware of the need to fly straight in the post downturn world as the private sector, apparently.

When the financial crisis is a distant memory, we’ll probably look back with at least some degree of gratitude for its role in raising the standards of the local financial scene.

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