The Dubai Summit appreciates the role of the non -financial business sector and professions specified in combating financial crimes

Dubai, April 22 / WAM / The work of the “role of the business sector and non -financial professions specified in combating financial crimes”, which lasted for two days, concluded in Dubai, during which the decisive role that the private sector plays as a major defense line was emphasized in the face of financial crime, and its fundamental contribution to developing and implementing the requirements of control, combating terrorism and spreading arms.
The summit was held under the auspices and high -level presence, in which His Excellency Abdullah bin Touq Al -Marri, Minister of Economy, His Excellency Abdullah bin Sultan Al -Nuaimi, Minister of Justice, and His Excellency Ahmed bin Ali Al -Sayegh, Minister of State, attended, in addition to the presence of a large presence of officials of the supervisory and police agencies and representatives of the specified non -financial business sector and professions.

The summit also witnessed the participation of representatives of the Ministry of Interior, the Ministry of Justice, the Federal Authority for Identity, Nationality, Customs and Ports Security, the Federal Authority for Nuclear Control, the Securities and Commodities Authority, the Dubai Economic Security Center, the General Secretariat of the National Committee to counter money laundering and combat terrorist financing, financing of illegal organizations, Abu Dhabi Global Market, Financial Information Unit, Dubai Financial Services Authority, and Abu Dhabi Authority For registration, along with a large presence of officials of regulatory agencies, representatives of the business sector and the non -specific financial professions.
This important summit was organized by the Ministry of Economy and the Executive Office for Supervision and the Prohibition of Proliferation in Dubai, with the aim of highlighting the national efforts to combat the financing of terrorism and the spread of arms.
The summit formed a major platform to enhance awareness of the updated national and international requirements approved by the Financial Working Group (FAF) and focus on the importance of the procedures for identifying and verifying customers in line with the requirements of the targeted financial sanctions in combating terrorist financing and the spread of arms, by enhancing effective compliance and cooperation between the public and private sectors.
The activities of the summit have witnessed for two days in -depth discussions that dealt with various aspects of financial crime cases and money laundering, the pivotal roles entrusted to the business sector and non -financial professions specified in combating these crimes, ensuring the identity of real customers, and the importance of immediate reporting of any suspicious activities.
His Excellency Al -Marri stressed that the UAE believes that the private sector, represented by the specified non -financial business and professions, is the “first line of defense” in the face of financial crimes, praising its effective contribution to reporting violators and confiscating illegal returns.
His Excellency revealed the extensive supervisory efforts made by the Ministry, as more than 5,341 field inspection and 11,483 library inspections were implemented on business facilities and non -financial professions specified during the period from 2020 to the middle of 2024, indicating that these campaigns resulted in the imposition of administrative penalties on violators of these sectors with a value of approximately 307,650,000 dirhams.
His Excellency also explained that this summit comes at a time when the regulatory and organizational environment is witnessing to confront money laundering crimes and combat terrorist financing, accelerating developments at the local and international levels, which requires concerted efforts and enhancing cooperation between all parties concerned.
For his part, His Excellency Al -Sayegh affirmed the commitment of the UAE, under the guidance of its wise leadership, by taking effective measures to combat money laundering crimes, terrorist financing, and improve the effectiveness of its approach in line with international best practices, and to enhance the prestigious positive reputation that the national economy has globally.
His Excellency added: The federal government is working closely with the local authorities in the UAE and the private sector to ensure that all parties take effective measures to combat money laundering and terrorist financing. The state has established the Public and Private Partnership Committee to combat money laundering, to coordinate the efforts of government agencies and the private sector, which is a major factor in the continuous efforts of the state towards combating financial crime.
In his opening speech, His Excellency Talal Al -Tunaiji, Director of the Executive Office for Control and Prohibition of Proliferation, described the business sector and non -financial professions specified as a “strategic partner” in the crime combating, stressing the office’s pride in the existing and constructive cooperation with this sector and its pioneering role and contributing to the development and implementation of the requirements of control, combating terrorism and the spread of arms.
Participants in the summit praised the great progress made by the UAE in the field of combating financial crimes; In this context, His Excellency Al -Tunaiji stressed that the UAE, thanks to the directives of its rational leadership and in accordance with the best global practices, has taken pioneering steps in modernizing the legislative and operational frameworks to implement the targeted financial sanctions concerned with combating terrorist financing and the spread of arms.
His Excellency pointed to the issuance of Federal Law No. 43 of 2021 regarding the goods subject to the prohibition of proliferation, Cabinet Resolution No. 74 of 2020 regarding the system of terrorist lists and the application of relevant Security Council resolutions, in addition to developing guidelines for the governmental and private sectors, and organizing a series of programs and training workshops to enhance understanding of the methods of financing terrorism and the spread of armaments and evading sanctions, as well as emphasized the pivotal role of parties Law enforcement and regulatory authorities in following up financial and non -financial institutions to ensure their compliance with national legislation and the requirements of Security Council resolutions.
Al -Tunaiji added: The Executive Office for Supervision and the Prohibition of Proliferation has created an electronic learning platform specialized in the field of targeted financial penalties, in addition to providing programs, guidelines, illustrative videos, awareness sessions and presentations through the website and communication channels, pointing to the great participation of representatives of the private sector and government agencies in this platform.
Al -Tunaii stressed that financial crimes are witnessing a continuous development, especially in light of globalization and innovation, and that modern technologies and emerging financial products create new challenges that require proactive measures and continue to invest in innovation, develop organizational frameworks and enhance cooperation at the regional and global levels.
It has been announced recently, in partnership with the public and private sectors, from studying the risks of financing the spread of arms spread at the state level, and starting sessions to share its most prominent results to contribute to reducing the level of risk among customers.
For their part, the participants in the summit emphasized that compliance is an essential part of the organization’s culture and not just a job responsibility, and that the UAE economy is keen to build business according to sound and strong foundations.
On the sidelines of the summit, the activities of the first day witnessed the signing of a number of memoranda of understanding between the Ministry of Economy, the Executive Office for Control, the Prohibition of Proliferation, the Dubai Economic Security Center and the Land and Property Department in Dubai, which reflects the trend towards enhancing cooperation and coordination between the various bodies concerned to combat financial crimes in all its forms.

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