Under the patronage and in the presence of H.E. Abdulla bin Touq Al Marri, UAE minister of Economy, and H.E. Ahmed Al Sayegh, UAE minister of State, the “Role of the DNFBPs Sector in Fighting Financial Crimes” summit commenced in Dubai. Organized by the UAE Ministry of Economy and the Executive Office for Control and Non-Proliferation (EOCN), this two-day event, concluding today, Thursday, April 17, aims to showcase national efforts, emphasize the necessity for enhanced compliance with international standards, and strengthen collaboration between the public and private sectors in the fight against terrorism financing and the proliferation of arms.
The summit serves as a crucial platform to increase awareness regarding the updated national and international requirements established by the Financial Action Task Force (FATF). It places particular focus on customer due diligence and verification procedures in accordance with targeted financial sanctions aimed at preventing terrorism financing and the proliferation of arms. Additionally, the summit seeks to empower the DNFBPs sector, which includes real estate agents and precious metals dealers, to effectively implement the latest regulatory measures.
UAE’s commitment to combat financial crimes
In his opening remarks, H.E. Abdulla bin Touq Al Marri, UAE minister of Economy, highlighted that the UAE, guided by the directives of its wise leadership, has embraced advanced and forward-thinking strategies and legislations to create an integrated national framework for combating money laundering and terrorism financing. These efforts, aligned with global best practices, have significantly enhanced the UAE’s internaDNFBPs fighting financial crimestional economic reputation, reinforcing its position as a competitive economic hub committed to the highest standards of integrity, transparency, and regulatory excellence in financial and commercial oversight.
H.E. Bin Touq further noted that the UAE has introduced a comprehensive array of legislations and policies designed to bolster its anti-money laundering framework—placing it among the most advanced legislative systems globally. More than seven key legislations and policies have been enacted within a mere four years, specifically between 2020 and 2024. Furthermore, the UAE remains resolute in its commitment to supporting global efforts to combat financial crimes by adhering to the standards set by the Financial Action Task Force (FATF) and deepening cooperation with partners at both regional and international levels.
The role of DNFBPs
H.E. stated: “We firmly believe that the private sector, particularly the DNFBPs, represents the first line of defense in the fight against financial crimes. Their proactive role in promptly identifying and reporting suspicious transactions is essential to empowering the competent authorities to detect and investigate illicit activities, hold offenders accountable, seize unlawful proceeds, and enforce relevant sanctions. These efforts play a critical role in cultivating a secure and transparent business ecosystem and maintaining a stable economic environment—further enhancing the UAE’s standing as a safe, reliable, and attractive destination for investment, both regionally and globally.”
Strengthening dialogue and collaboration
His Excellency added: “The summit is happening at a time when the regulatory and control environment for combating money laundering and countering terrorism financing is undergoing rapid developments. It serves as a key national platform for strengthening dialogue, enhancing communication, and fostering integration between regulatory bodies and the private sector across the UAE.”
H.E. further continued, “Through this platform, we aim to advance joint collaboration to enhance the preparedness of Designated Non-Financial Businesses and Professions (DNFBPs) and strengthen their alignment with recent adjustments to the Financial Action Task Force (FATF) methodology. This will be achieved by promoting best practices and creating a platform for constructive dialogue on challenges and opportunities. These efforts aim to establish a culture of corporate compliance and achieve the highest levels of sustainability.”
Collaborative efforts against financial crimes
In his address, H.E. Talal Al Teneiji, director of the Executive Office for Control and Non-proliferation (EOCN), underscored the collaborative nature of efforts to counter financial crime. He stated: “Addressing financial crimes is not just a regulatory compliance matter; it is a shared responsibility that requires effective coordination among the public and private sectors, and across the international level.”
Al Teneiji highlighted the strategic importance of the DNFBP sector, saying, “We are proud of the valuable participation of the country’s government entities and the Designated Non-Financial Businesses and Professions sector—a strategic partner we value deeply and consider a vital line of defense in combating financial crime—in this summit. This sector plays a key role in shaping and implementing the requirements for control, counter-terrorism, and the proliferation of weapons.”
UAE’s legislative framework
H.E. also commended the UAE’s forward-looking approach to strengthening its legislative framework, stating, “Over the recent years, the UAE has made significant strides in updating its necessary legislative and operational systems to ensure full compliance with international obligations related to targeted financial sanctions aimed at countering terrorism financing and the proliferation of weapons.”
Highlighting EOCN’s recent capacity-building efforts, H.E. Al Teneiji noted that the Office has recently launched a specialized e-learning platform focused on targeted financial sanctions. Additionally, various programs, guidelines, explanatory videos, awareness sessions, and presentations are available through the official website and communication channels. H.E. also pointed out a recently completed national study, developed in collaboration with both sectors, that assessed the risks associated with the financing of weapons proliferation across the country. The sessions shared key findings from this study to contribute to mitigating risks associated with clients.
Interactive discussions and agreements
The two-day summit features a series of interactive discussions and analyses of related patterns, addressing the means for combating financial crime. Moreover, several Memoranda of Understanding (MoUs) were signed, strengthening the UAE’s efforts to counter illicit finance and enhancing compliance with international standards.
