CBUAE, ESCD sign partnership deal to combat financial crime

ABU DHABI:The Central Bank of the UAE (CBUAE) and the Economic Security Centre of Dubai today signed a Memorandum of Understanding (MoU) to strengthen cooperation and information sharing in combating financial crime.

This aims to achieve the strategic objectives of both parties, bolster confidence in the UAE’s financial system, and consolidate the country’s leading global position.

Khaled Mohamed Balama, Governor of the CBUAE, witnessed the signing ceremony of the MoU.

The MoU was signed by Fatma Al Jabri, Assistant Governor for Financial Crime, Market Conduct and Consumer Protection at the CBUAE, and Faisal bin Sulaitin, CEO of the Economic Security Center of Dubai, in the presence of Assistant Governors and senior officials from both entities. The MoU aims to develop cooperation between the CBUAE and the Economic Security Centre of Dubai in areas of mutual interest, exchange of information on best practices and international guidelines in combating financial crime. It also covers topics related to the UAE’s role in the Financial Action Task Force (FATF), and challenges and solutions to support national initiatives.

It also seeks to enhance professional skills, train staff and implement joint awareness campaigns to combat financial crime.

Fatma Al Jabri said, “This Memorandum of Understanding represents a crucial step towards unifying local efforts to meet global challenges of financial crime. The Central Bank is committed to developing national capabilities in combating various forms of financial crime amidst rapid transformations and technological advancements and strives to forge effective partnerships with local and federal entities. This aligns with the vision and directives of our wise leadership to safeguard the nation’s financial and economic ecosystem, strengthen confidence in the financial system and local capital markets, promote sustainable development, and solidify the country’s leading position as a global financial hub.”

Faisal bin Sulaitin said, “This MoU represents a pivotal step in strengthening our strategic partnership to address the challenges in the field of financial crime. Through this collaboration, we seek to exchange best practices and develop innovative solutions that keep pace with global developments in combating suspicious financial activities. This agreement aims to develop national expertise and enhance capabilities, contributing to the protection of the UAE’s economic and financial security and achieving the vision of our wise leadership towards building a secure and sustainable economy.”