UAE strengthens anti-financial crime efforts with new MoU

The UAE has taken a significant step towards strengthening its fight against financial crimes with a new memorandum of understanding (MoU) signed between the Executive Office of Anti-Money Laundering and Counter-Terrorism Financing (EO AMLCTF) and Dubai Police.

The agreement, signed during the World Police Summit in Dubai, underscores a joint commitment to combatting money laundering and other financial crimes. It will see both entities collaborate on information sharing, training programmes, and developing strategies to address evolving financial crime threats.

“Police forces are an indispensable pillar in the fight against financial crimes,” said EO AMLCTF Director General Hamid AlZaabi, emphasising the importance of collaboration between law enforcement agencies.

“The activities set out in this MOU will bolster these capabilities, sending a clear signal to criminals that their illicit actions have no place within the UAE’s borders.”

The new MoU reaffirms the UAE’s commitment to tackling financial crime through enhanced cooperation, training, and innovation in combating these evolving threats.

Dubai Police’s assistant commander-in-chief Major General Khalil Ibrahim Al Mansouri highlighted the agreement’s role in building upon recent successes, including the UAE’s removal from the Financial Action Task Force (FATF) grey list.

The UAE was removed from the grey list in February after the country met all the required reforms to clamp down on illicit financial flows.

Al Mansouri added: “Through our collaborative efforts, we continue to develop tools and enablers that achieve the strategic objectives between the parties and contribute to establishing effective mechanisms to confront financial crimes decisively.”