Ministry of Economy and Dubai Police sign MoU to enhance cooperation in developing compliance mechanisms for AML/CFT requirements

Partnership with Dubai Police supports the Ministry's efforts to combat financial crimes through enhanced institutional integration

The Ministry of Economy signed a Memorandum of Understanding (MoU) with Dubai Police General Command to strengthen cooperation and coordination in developing compliance mechanisms for anti-money laundering (AML) and combatting the financing of terrorism (CFT) requirements. The agreement facilitates the exchange and integration of information between the two entities, thus enhancing supervisory roles within the national legislative framework.

The MoU was signed on the sidelines of the fourth edition of the World Police Summit, held at the Dubai World Trade Centre under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The agreement was signed by H.E. Safia Hashim Al Safi, Assistant Undersecretary for Commercial Control and Governance at the Ministry of Economy, and H.E. Major General Expert Khalil Ibrahim Al Mansoori, Assistant Commander-in-Chief for Criminal Investigation Affairs at Dubai Police.

H.E. Safia Al Safi emphasised that the UAE has made significant strides in developing advanced strategies, policies, and legislation to combat money laundering and terrorism financing in line with the highest international standards. This has further reinforced the national economy's position as a competitive trade and business hub committed to the highest standards of integrity and transparency. H.E. noted that the partnership with Dubai Police aligns with the Ministry's vision to enhance collaboration with federal and local entities, thereby strengthening the national framework and developing mechanisms to combat financial crimes and enhance regulatory infrastructure in accordance with relevant international standards.

H.E. Safia Al Safi explained that the MoU establishes a sustainable institutional framework between the Ministry and Dubai Police to collaborate on various AML/CFT procedures within the country, including control, inspection, and monitoring of illicit activities. This partnership aims to elevate the efficiency of control and follow-up systems and serves shared objectives in combating financial crimes within the country.

Supporting national efforts

H.E. Major General Expert Khalil Al Mansoori said: "The MoU with the Ministry of Economy is a significant milestone in enhancing institutional integration among relevant entities involved in combating financial crimes. Dubai Police is committed to supporting national efforts to counter money laundering and combat terrorism financing by advancing its technical and human competencies. We aim to leverage Dubai Police's research, investigation, and financial analysis ecosystems to develop effective, proactive mechanisms for detecting suspicious activities and enhancing rapid responses to associated risks, in line with global best practices. This plays a role in reinforcing the UAE's position as a secure and transparent global economic hub."

H.E. further emphasised that the collaboration marks a significant step forward in integrating national efforts and unifying resources and expertise to develop more precise and effective regulatory tools, while continuing to invest in national talent and smart technologies to build a safer and more stable environment.

Counselor Salem Al Tunaiji, Director of the Anti-Money Laundering and Counter-Terrorism Financing Department at the Ministry of Economy, explained that the MoU provides advanced mechanisms for technical and security coordination between the Ministry and Dubai Police. This includes the exchange of data related to money laundering and terrorism financing crimes, aligning with the Ministry's role in supervising Designated Non-Financial Businesses and Professions (DNFBPs) and identifying the real beneficial owners of legal entities.

Under the scope of the MoU, both parties will collaborate on developing integrated mechanisms and programs to elevate risk response efficiency related to suspicious financial activities within the DNFBP sector, which include real estate agents and brokers, traders of precious metals and stones, auditors, and company service providers. This will be realised through the exchange of data on suspicious transactions and activities and the activation of secure and effective institutional communication channels to ensure the swift exchange of confidential data in line with the approved legal and regulatory frameworks. These efforts support their awareness endeavours to prevent and deter violators, in line with the applicable legislations and regulations in the UAE.

The MoU also outlines the implementation of joint training programs and specialised workshops aimed at enhancing the professional competencies of both parties' staff and the development of  periodic analytical reports to support decision-making, ensuring the comprehensive application of administrative and regulatory procedures.

Additionally, the MoU includes provisions to support awareness and media campaigns related to institutional compliance and financial crime prevention, as well as collaboration in developing relevant policies and legislation and reviewing regulatory frameworks to ensure their alignment with international requirements.