The UAE Ministry of Economy has signed a series of Memorandums of Understanding (MoUs) with several competent national authorities in the realm of anti-money laundering and countering terrorism financing, including the Economic Security Centre of Dubai (ESCD) and the Dubai Land Department (DLD). These agreements are designed to boost national efforts in developing a robust regulatory infrastructure, enhancing systems of integrity and transparency, and improving mechanisms to combat financial crimes in alignment with international best practices.
Data exchange and supervisory support
The MoUs also facilitate the exchange of vital data and information, while reinforcing the Ministry’s supervisory role in accordance with the relevant national legislation.
The signing ceremony took place on the sidelines of the summit titled “Role of the Designated Non-Financial Businesses and Professions (DNFBPs) Sector in Combating Financial Crimes,” which was recently held in Dubai.
It was attended by prominent figures, including Abdullah bin Touq Al Marri, UAE minister of Economy; Abdullah bin Sultan bin Awad Al Nuaimi, UAE minister of Justice; and Ahmed Al Sayegh, UAE minister of State.
The MoUs were signed by key officials: Abdullah Ahmed Al Saleh, under-secretary of the Ministry of Economy; Safeya Hashem Al Safi, assistant under-secretary for the Commercial Control and Governance Sector; Faisal Yousef bin Selaitin, CEO of the Economic Security Centre of Dubai; and Majid Saqr Al Marri, CEO of the Real Estate Registration Sector at the Dubai Land Department, along with other government officials.
Initiative supports institutional integration efforts
This initiative is part of ongoing efforts to strengthen institutional integration and partnerships aimed at enhancing monitoring and compliance systems, while facilitating the exchange of data among all signatories. It supports their shared objectives to counter financial crimes in the UAE.
The MoUs establish clearly defined frameworks for technical cooperation, capacity building, and knowledge exchange. They also include secure data-sharing mechanisms that ensure confidentiality and compliance with relevant legal and regulatory requirements.
Read more: UAE highlights role of DNFBPs sector in fighting financial crimes in Dubai
Commitment to address financial crime challenges
Representatives from the signatory entities underscored the importance of enhancing national efforts to address the challenges posed by money laundering, terrorism financing, and the proliferation of weapons through a sustainable and institutional approach.
They emphasized that these efforts not only support the UAE’s readiness for the upcoming mutual evaluation but also help ensure high levels of legislative and regulatory compliance, improving efficiencies in tackling cross-border financial crimes. These measures contribute significantly to achieving sustainable economic growth and enhancing the country’s ranking in global competitiveness indices.
Supporting for national economy
The representatives reiterated their unwavering commitment to initiatives that protect the national economy and strengthen financial security, further solidifying their role in the fight against anti-money laundering and countering terrorism financing.
