The UAE Financial Intelligence Unit (UAE FIU) and the Virtual Assets Regulatory Authority (VARA) have signed a Memorandum of Understanding to strengthen coordination in fighting financial crime linked to virtual assets, a move aimed at protecting the integrity of the country's financial system.
The agreement was signed by Ali Faisal Ba'Alawi, Chief of the UAE FIU, and Matthew White, Chief Executive Officer of VARA. It sets out a framework for exchanging expertise and financial intelligence between the two bodies, in line with applicable legislation and confidentiality requirements.
The partnership reflects the complementary roles each entity plays in identifying and addressing risks in a fast-evolving virtual assets sector. It also supports wider national efforts to keep the UAE's financial system secure and resilient.
Ba'Alawi said the cross-border nature of financial crime and rapid technological change make closer cooperation essential. He noted that the collaboration will improve the ability to detect and analyse suspicious activity and to understand emerging typologies and risks tied to virtual assets.
White said effective regulation relies on connecting supervisory insight with high-quality financial intelligence. He explained that the MoU consolidates cooperation already in place between VARA and the UAE FIU, reinforcing the channels used to share expertise, spot emerging risks and support coordinated action against illicit activity. He added that continued cooperation among regulators, the UAE FIU, law enforcement bodies and industry will be key to meeting shared objectives.
The MoU underlines the commitment of both entities to safeguarding the security and integrity of the UAE's financial system and reinforcing its standing as a safe and internationally trusted financial hub.
News Source: Emirates News Agency
