Cooperation between “Economy” and “Dubai Police” in developing compliance mechanisms to counter money laundering

The Ministry of Economy signed a memorandum of understanding with the General Command of Dubai Police, with the aim of enhancing cooperation and coordination in developing compliance mechanisms for the requirements for facing money laundering and combating terrorist financing, exchange of relevant data and information, and supporting the supervisory role within the framework of relevant national legislation by linking and integrating information and data between the two sides.

This came, on the sidelines of the fourth edition of the “Global Police Summit” that was held at the Dubai World Trade Center, under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, may God bless him, where he signed the memo by the Ministry of Economy, Assistant Undersecretary for Control and Commercial Governance at the Ministry of Economy, Safia Hashem Al -Safi, and by the General Command of Dubai Police, Assistant Commander in Chief for Criminal Investigation Affairs in Dubai Police, Major General The expert of Khalil Ibrahim Al -Mansouri.

In this context, Safia Al -Safi stressed that “the UAE has made great strides to develop advanced strategies, policies and legislation to confront money laundering and combat terrorist financing, according to the best global practices followed, which strengthened the position of the national economy as a competitive center that adheres to the highest standards Federal and local to support the national work system, develop mechanisms for combating financial crimes, enhancing regulatory infrastructure within the framework of national legislation, and keeping pace with relevant international standards.

Major General Khalil Al -Mansouri said: “The Memorandum of Understanding with the Ministry of Economy represents an important station within the framework of enhancing institutional integration between the authorities concerned with combating financial crimes, and Dubai Police is keen to support national efforts to counter money laundering and terrorist financing through the development of its advanced technical and human capabilities, and work to harness the system of research, investigation and financial analysis in Dubai Police to develop effective proactive mechanisms to monitor suspicious activities And promoting the rapid response to the risks associated with it, in line with the best global practices and establishes the state’s position as an economic center characterized by security and transparency ».

For his part, the Director of the Department of Funding Money Laundering and Combating Terrorism in the Ministry of Economy, Counselor Salem Al Tunaiji, explained that “the Memorandum of Understanding provides advanced work mechanisms for technical and security coordination between the ministry and the Dubai Police, by exchanging data and information about the crimes of money laundering and terrorist financing, in line with the role of the Ministry of Economy in controlling the sectors of business and non -financial financial professions and determining the true beneficiary of the legal persons.”

According to the memo, the two parties will develop integrated mechanisms and programs that contribute to raising the efficiency of response to the risks associated with suspicious financial activities, in the sectors of the non -financial businesses and financial professions, which include agents and real estate brokers, precious metal merchants and precious stones, auditors, and corporate services providers, by exchanging information and data related to suspected cases, and activating communication channels A safe and effective institutional institution to ensure the speedy exchange of information and the confidentiality of data in accordance with the approved legal and regulatory frameworks, in order to support their awareness efforts to prevent and deter violators, in accordance with the legislation and regulations in force in the state.

The memorandum provides for the implementation of joint training plans and specialized workshops, aimed at raising the efficiency of professional cadres for both sides, and developing periodic analytical reports with the aim of supporting decision -making, in a manner that ensures the application of administrative and organizational procedures completely.