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Transguard to keep vigil on banknote shipments
DUBAI - Shaikh Ahmed bin Saeed Al Maktoum, President of Dubai Department of Civil Aviation and Chairman of Emirates airline,
Has signed an agreement on behalf of Transguard with Dubai Ports, Customs and Free Zone Authority under which Transguard will carry out the inspection of shipments of banknotes in and out of Dubai.
Recent attempts to import counterfeit banknotes have resulted in a requirement by Dubai Customs for all banknote shipments to go through inspection. Inspection becomes mandatory from July 19.
Shaikh Ahmed said: "I am happy to sign this agreement. Transguard has state-of-the-art facilities to provide a range of services. I believe the importance of the services will be felt as the economy 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 $5 million.
Under the terms of the new agreement, Transguard will provide cash processing services at its Cash Management Centre located at the Dubai Airport Free Zone. All banknote shipments will undergo a verification process at the CMC after which a Certificate of Verification 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 banknote 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."
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