UAE: DFSA, Financial Intelligence Unit join hands against financial crime

Image: DFSA

The Dubai Financial Services Authority (DFSA) has signed a memorandum of understanding (MoU) with the Financial Intelligence Unit (FIU) of the UAE to advance coordination and cooperation on anti-money laundering (AML) and combating the financing of terrorism (CFT) and illegal organisations.

The agreement aims to enhance co-operation, co-ordination, and information sharing between the DFSA and FIU to fulfill their respective obligations related to AML/CFT compliance.

This includes ensuring that applicable laws are followed by relevant entities.

DFSA, FIU to work towards enhancing efficiency of the UAE’s financial system

Ian Johnston, chief executive of the DFSA said: “It is crucial to work closely with authorities at a local, regional and global level in our interconnected environment, to exchange information and combine resources to combat financial crime.

“We look forward to continuing to work  with the FIU, as this MOU establishes a structured foundation for cooperation on matters related to AML and CFT.”

Ali Faisal Ba’Alawi, chief of the Financial Intelligence Unit, said: “The MoU signing formalises the sharing of knowledge, experience, and expertise regarding the prevention of financial crime.

“Such cooperation is essential in order to protect and promote the integrity, stability and efficiency of the supervised entities and financial system.”

Read: DFSA fines bank Mirabaud $3m for anti-money laundering controls failings