UAE To Host Summit On The Role Of DNFBPs In Combating Financial Crimes

The UAE is preparing to host a crucial summit on "The Role of the Designated Non-Financial Businesses and Professions (DNFBPs) Sector in Combating Financial Crimes." Scheduled for 16th to 17th April 2025 in Dubai, this event aims to enhance compliance and cooperation between public and private sectors against terrorism financing and arms proliferation.

Talal Al-Teneiji, Director of the Executive Office for Control and Non-Proliferation (EOCN), highlighted the summit's importance in strengthening public-private partnerships. He stated, "This summit reaffirms the UAE's commitment to adhering to international standards, and reflects the ongoing efforts by national authorities and the private sector to strengthen the legislative framework for combating money laundering and the financing and proliferation of arms in the country."

The summit will serve as a platform to raise awareness about updated national and international requirements set by the Financial Action Task Force (FATF). A key focus will be on customer due diligence procedures, aligning with financial sanctions aimed at preventing terrorism financing and arms proliferation.

Al-Teneiji emphasised that collaboration between public and private sectors is vital for improving suspicious activity reporting. "By strengthening partnerships," he explained, "we can ensure the accuracy, completeness, and effectiveness of data derived from the Designated Non-Financial Businesses and Professions sector, which will directly enhance our national efforts in combating illicit financing and help to create a financial system that is more transparent and sustainable."

The summit also aims to empower DNFBPs like real estate agents and precious metals dealers. The goal is to enable them to implement regulatory measures effectively. This empowerment is seen as crucial for enhancing national efforts against financial crimes.

Al-Teneiji further noted that risk assessment studies on terrorism financing are essential for bolstering national efforts. He stressed that these studies play a critical role in enhancing compliance with national requirements.

Interactive Discussions

The two-day event will feature interactive discussions focusing on strategies to combat financial crimes. These discussions aim to reinforce the country's commitment to fighting illicit financing while ensuring alignment with international standards.

Al-Teneiji also highlighted ongoing government efforts through law enforcement agencies and the Financial Intelligence Unit. He concluded, "This summit is part of the ongoing efforts to build strong partnerships between the public and private sectors in combating financial crimes."

With inputs from WAM