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UAE's DIFC to enhance financial crime defenses by amending laws

Dubai International Financial Centre, or DIFC, has amended its regulatory laws to enhance its defenses against financial crimes such as money laundering and terrorist funding.

The Dubai Financial Services Authority will give DIFC-registered companies and other relevant bodies a three-month grace period to comply with the amended laws once they come into effect, Arabian Business reported.

The changes, which come into effect Oct. 29, are designed to strengthen the free zone's position as a financial hub for international firms.