CBUAE And Economic Security Centre Of Dubai Sign MoU To Strengthen Fight Against Financial Crime

The Central Bank of the UAE (CBUAE) and the Economic Security Centre of Dubai have formalised a partnership to tackle financial crime. This collaboration, marked by a Memorandum of Understanding (MoU), aims to enhance cooperation and information sharing. The initiative seeks to boost confidence in the UAE's financial system and reinforce its global standing.

During the signing ceremony, Khaled Mohamed Balama, Governor of CBUAE, was present. Fatma Al Jabri, Assistant Governor for Financial Crime at CBUAE, and Faisal bin Sulaitin, CEO of the Economic Security Center of Dubai, signed the MoU. Senior officials from both organisations also attended the event.

The MoU focuses on fostering cooperation between CBUAE and the Economic Security Centre in areas of mutual interest. It includes sharing information on best practices and international guidelines for combating financial crime. The agreement also addresses challenges related to the UAE's role in the Financial Action Task Force (FATF).

Fatma Al Jabri emphasised the importance of this MoU in unifying local efforts against global financial crime challenges. She stated, "This Memorandum of Understanding represents a crucial step towards unifying local efforts to meet global challenges of financial crime."

The agreement aims to improve professional skills through training programs and joint awareness campaigns. These initiatives are designed to combat financial crime effectively. Additionally, it seeks to support national initiatives by providing solutions to existing challenges.

Faisal bin Sulaitin highlighted the strategic significance of this partnership. He noted that it aims to develop national expertise and enhance capabilities in addressing suspicious financial activities. He said, "This MoU represents a pivotal step in strengthening our strategic partnership to address the challenges in the field of financial crime."

Vision for a Secure Economy

This collaboration aligns with the vision of UAE's leadership to safeguard its economic ecosystem. It aims to strengthen confidence in local capital markets while promoting sustainable development. The ultimate goal is solidifying UAE’s position as a leading global financial hub.

The MoU also focuses on developing innovative solutions that align with global advancements in combating financial crimes. By doing so, it contributes significantly to protecting UAE's economic security.

This partnership marks an essential step towards building a secure and sustainable economy in line with UAE's leadership vision. Through effective partnerships with local entities, both organisations strive for excellence in combating various forms of financial crime.

With inputs from WAM