The Dubai Financial Services Authority, which regulates the Dubai International Financial Centre, has successfully enforced the payment of a fine imposed on an individual in another country.

The regulator is at pains to point out that its enforcement action demonstrates its commitment to take its fining policy seriously. Other regulators, such as the UK's Financial Conduct Authority on which the DFSA is largely modelled, have not always collected fines.

In May 2017 the DFSA took action against Andrew John Grimes, imposing a fine of 192, 675 dirham (US$52,500) and restricting him from performing any function in connection with the provision of financial services in or from the DIFC.

While Grimes did not challenge the DFSA’s findings against him, he failed to pay the fine by the due date. Therefore, in 2018 the DFSA opened proceedings in the DIFC courts against him and obtained a judgment in its favour in May last year.  Accordingly, the DFSA required Grimes to pay the debt owed pursuant to the judgment.

When Grimes still failed to make the payment, the DFSA took formal legal steps to pursue him in the United Kingdom in the latter half of 2018. As a result, he eventually paid this month.