"Economy" Expecting memoranda of understanding to enhance cooperation in the face of money laundering and financial crimes

2025/04/18 3:30:47 PM

2 minutes read

Dubai, April 18 / WAM / The Ministry of Economy signed memoranda of understanding with a number of competent authorities in the country in the field of facing money laundering and combating terrorist financing, most notably the “Dubai Economic Security Center and the Land and Property Department in Dubai”, with the aim of enhancing national efforts in developing regulatory infrastructure, the integrity and transparency system, and mechanisms for combating financial crimes in the country depending on best global practices, and exchanging data and information on this Counting, enhancing the supervisory role of the Ministry within the framework of relevant national legislation.

This came on the sidelines of the “Business Sector and Non -Financial Professions Summit specified in combating financial crimes”, which was recently held in Dubai.

The signing of the memoranda of understanding was attended by His Excellency Abdullah bin Touq Al -Marri, Minister of Economy, His Excellency Abdullah Sultan bin Awad Al Nuaimi, Minister of Justice, His Excellency Ahmed Al Sayegh, Minister of State, while His Excellency Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy, His Excellency Safia Hashem Al Safi, Assistant Undersecretary for the Ministry of Oversight and Commercial Governance, and His Excellency Faisal Youssef Bin Saltin, CEO of the Dubai Economic Security Center; And His Excellency Majid Saqr Al -Marri, Executive Director of the Real Estate Registration Sector in the Dubai Land and Properties Department, and a number of government officials.

This step comes in the context of supporting institutional integration and partnership between the concerned national bodies, in a way that contributes to raising the efficiency of monitoring and follow -up systems, and facilitating the exchange of data and information between the signed parties to serve the common goals in addressing financial crimes in the United Arab Emirates.

The notes focus on setting clear and specific frameworks for technical cooperation, exchanging experiences and building capacity, as well as safe mechanisms to exchange data and information in a manner that guarantees the protection of confidentiality and privacy, and according to the relevant legislation and regulations.

Representatives of the signed bodies stressed the importance of enhancing national efforts aimed at facing the challenges related to money laundering, financing of terrorism and the spread of arms and confronting them in a sustainable institutional manner in a manner that serves the preparation for the next mutual evaluation process of the state, ensures the highest levels of legislative and organizational compliance, and enhances the efficiency of dealing with cross -border financial crimes in an institutional manner and qualifies the UAE economy to sustainable growth and promote His position in global competitiveness indicators, noting their full commitment to support everything that would protect the national economy and enhance financial security.