Dubai Customs to inspect all bank note shipments

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.

Sheikh Ahmed said after the signing: "I am pleased to sign this agreement. Transguard has the state-of-the-art facilities to provide a range of services. I believe the importance of these will be enhanced as the economy of the UAE continues to grow.

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 US$5 million.

Under the terms of the new agreement, Transguard will provide cash processing services at its Cash Management Centre (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, which Transguard operates in partnership with the Germany-based Giesecke & Devrient.

Mr. Sultan bin Sulayem, Chairman of Dubai Ports Customs and Free Zone Corporation, said "The integrity of the various financial instruments circulating in any country is of paramount importance. After careful consideration and consultation with various local and international agencies, we have decided that the inspection process is required. I am sure that it will go a long way in instilling confidence in the system not only in the UAE but internationally as well."