Transguard helps Dubai fight counterfeiters

Transguard, part of the Emirates Group, is to inspect all banknote shipments into and out of Dubai, under a deal with the Dubai Ports, Customs & Free Zone Corporation.

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By  Neil Denslow Published  July 9, 2003

Transguard, part of the Emirates Group, is to inspect all banknote shipments into and out of Dubai, under a deal with the Dubai Ports, Customs & Free Zone Corporation. The announcement follows a recent spate of attempts to import forged banknotes into the emirate, which caused Dubai Customs to make it mandatory for all notes being imported and exported from the emirate to undergo inspection, starting from 19th July 2003.

“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,” says His Highness Sheikh Ahmed bin Saeed Al Maktoum, chairman of the Emirates Group.

Under the deal, Transguard will provide cash processing services at its Cash Management Centre (CMC) in the Dubai Airport Free Zone, which it runs in partnership with Giesecke & Devrient. All banknote 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, this will also apply to hand-carried banknote shipments.

“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,” says Sultan bin Sulayem, chairman of Dubai Ports Customs & Free Zone Corporation.

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