The Financial Services Regulatory Authority of ADGM (FSRA) has signed a memorandum of understanding (MoU) with the UAE Ministry of Interior to enhance coordination in combating financial crime related to virtual assets. The agreement aims to facilitate the exchange of information, strengthen risk mitigation frameworks, and support the national strategy to safeguard the financial system against evolving threats in the digital asset landscape.
Read: ADGM to launch mobile app for an all-in-one business and lifestyle experience
The collaboration highlights FSRA’s dedication to enhancing national efforts to mitigate risks in emerging technologies, ensuring a secure and resilient financial ecosystem. By fostering strategic partnerships with key government entities, ADGM continues to align its initiatives with the UAE’s broader action plan to safeguard financial systems against evolving threats, including those linked to virtual assets.
Staying ahead of threats
Commenting on the importance of proactive cooperation in combating financial crime, Emmanuel Givanakis, CEO of the FSRA, said: “The FSRA is focused on collaboration with UAE authorities to proactively fight against financial crime. Financial crime is constantly evolving, and it is crucial that regulators stay ahead of potential threats. Our goal is to build long lasting partnerships across the UAE to ensure prevention of financial crime in financial services including the use of virtual assets. We aim to protect the financial ecosystem and lead regulatory efforts in line with international best practices and federal laws. We also seek to raise awareness internally and locally to ensure proper understanding of financial crime risks and assist actively in the efforts conducted on a national level.”
Read | ADFW 2024: ADGM FSRA spotlights key regulatory enhancements at Fintech Abu Dhabi
This MoU establishes a framework for cooperation between the FSRA and the Ministry of Interior, supporting the exchange of information and coordination on matters related to financial crime and virtual assets. It also aims to boost the security and efficacy of the UAE’s financial system while enabling knowledge-sharing initiatives, joint training programs, and strengthened investigative efforts.
