MoE teams up with key national entities to enhance cooperation

The Ministry of Economy signed a series of MoUs with several competent national authorities in the field of anti-money laundering and countering terrorism financing, including the Economic Security Centre of Dubai (ESCD) and the Dubai Land Department (DLD). The agreements aim to strengthen national efforts in developing the regulatory infrastructure, enhancing integrity and transparency systems, and improving mechanisms to combat financial crimes in accordance with international best practices. The MoUs also facilitate the exchange of data and information, while supporting the Ministry’s supervisory role under the relevant national legislation.

The signing ceremony was held on the sidelines of the “Role of the Designated Non-Financial Businesses and Professions (DNFBPs) Sector in Combating Financial Crimes” summit, which took place recently in Dubai. It was attended by Abdulla bin Touq Al Marri, Minister of Economy; Abdulla Sultan bin Awad Al Nuaimi, Minister of Justice; and Ahmed Al Sayegh, Minister of State. The MoUs were signed by Abdulla Ahmed Al Saleh, Undersecretary of the Ministry of Economy; Safeya Hashem Al Safi, Assistant Undersecretary 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.

The initiative is part of continuing efforts to strengthen institutional integration and partnerships to improve monitoring and compliance systems and facilitate the exchange of data among signatories, in support of their shared objectives to counter financial crimes in the UAE.

The MoUs establish clearly defined frameworks for technical cooperation, capacity building, and knowledge exchange, as well as secure data sharing mechanisms that ensure confidentiality and compliance with relevant legal and regulatory frameworks.

Representatives of the signatory entities affirmed the importance of enhancing national efforts to address the challenges of money laundering, terrorism financing, and the proliferation of weapons, through a sustainable and institutional approach. They emphasized that such efforts support the UAE’s readiness for the upcoming mutual evaluation, help ensure high levels of legislative and regulatory compliance and improve efficiencies in addressing cross-border financial crimes. These measures also contribute to achieving sustainable economic growth and improving the country’s ranking in global competitiveness indices. The representatives reiterated their full commitment to supporting initiatives that protect the national economy and strengthen financial security.

Meanwhile, under the patronage and in the presence of Abdulla bin Touq Al Marri, Minister of Economy, and Ahmed Al Sayegh, Minister of State, the “Role of the DNFBPs Sector in Fighting Financial Crimes” summit kicked off in Dubai. Organised by the Ministry of Economy and the Executive Office for Control and Non-Proliferation (EOCN), the two-day event, taking place on April 16 and 17, aims to highlight national efforts, underscore the importance of enhanced compliance with international standards, and strengthen cooperation between the public and private sectors in combating terrorism financing and the proliferation of arms.

The summit serves as a key platform to raise awareness on the updated national and international requirements set forth by the Financial Action Task Force (FATF), with a focus on customer due diligence and verification procedures in alignment with targeted financial sanctions aimed at preventing terrorism financing and the proliferation of arms. It also seeks to empower the DNFBPs sector, which includes real estate agents and precious metals dealers, to effectively implement the latest regulatory measures.

In his opening remarks, Abdulla bin Touq Al Marri, Minister of Economy, emphasized that the UAE, guided by the directives of its wise leadership, has adopted advanced and forward-thinking strategies and legislations to build an integrated national framework to combat money laundering and terrorism financing. These efforts, aligned with global best practices, have significantly bolstered the UAE’s global economic reputation, reinforcing its status as a competitive economic hub committed to the highest standards of integrity, transparency, and regulatory excellence in financial and commercial oversight.

Bin Touq noted that the UAE has introduced a comprehensive set of legislations and policies aimed at reinforcing its anti-money laundering framework—positioning it among the most advanced legislative systems globally. More than seven key legislations and policies were enacted within a span of just four years, specifically between 2020 and 2024. Furthermore, the UAE remains steadfast in its commitment to supporting global efforts to combat financial crimes by adhering to the standards of the Financial Action Task Force (FATF) and deepening cooperation with partners at both the regional and international levels.

WAM