CBUAE and Economic Security Centre of Dubai Sign MoU to Combat Financial Crime

The Central Bank of the UAE (CBUAE) and the Economic Security Centre of Dubai have signed a Memorandum of Understanding (MoU) to enhance cooperation and information sharing in the fight against financial crime.

This strategic agreement aims to strengthen the UAE’s financial system and reinforce the country’s position as a global financial leader.

The signing ceremony was witnessed by Khaled Mohamed Balama, Governor of the CBUAE. The MoU was formally signed by Fatma Al Jabri, Assistant Governor for Financial Crime, Market Conduct, and Consumer Protection at CBUAE, and Faisal bin Sulaitin, CEO of the Economic Security Centre of Dubai. Senior officials and assistant governors from both entities were also present.

The agreement focuses on developing collaboration between the two institutions, exchanging best practices, and aligning efforts with international guidelines in combating financial crime. It also highlights the UAE’s role within the Financial Action Task Force (FATF) and explores solutions to support national initiatives in financial security.

Additionally, the MoU emphasizes skill enhancement through training programs, joint awareness campaigns, and professional development initiatives aimed at strengthening financial crime prevention capabilities.

Fatma Al Jabri described the MoU as a significant step in unifying local efforts to address global financial crime challenges. She reiterated the Central Bank’s commitment to fostering national expertise and forming strategic partnerships to safeguard the country’s financial ecosystem.

Faisal bin Sulaitin echoed this sentiment, stating that the collaboration is crucial for developing innovative solutions to counter suspicious financial activities. He emphasized that the agreement aligns with the UAE’s vision of building a secure and sustainable economy, reinforcing confidence in the financial system.

This MoU represents a key milestone in the UAE’s continuous efforts to enhance economic security and strengthen regulatory measures against financial crime.

News Source: Emirates News Agency