Ministry of Economy Signs MoUs with Key National Entities to Combat Money Laundering and Financial Crimes

Government

Ministry of Economy Signs MoUs with Key National Entities to Combat Money Laundering and Financial Crimes

In a significant move to enhance national efforts against financial crimes, the Ministry of Economy has signed a series of Memoranda of Understanding (MoUs) with prominent national authorities, including the Economic Security Centre of Dubai (ESCD) and the Dubai Land Department (DLD). These agreements aim to boost technical cooperation, data exchange, and capacity building in the fight against money laundering and terrorism financing, in line with global best practices.

The MoUs outline clear frameworks for technical collaboration and the secure exchange of information, while upholding stringent data privacy standards per UAE legislation. They also reinforce the Ministry’s supervisory responsibilities in ensuring regulatory compliance and transparency across financial systems.

The signing ceremony took place during the “Role of the Designated Non-Financial Businesses and Professions (DNFBPs) Sector in Combating Financial Crimes" summit held recently in Dubai. The event was attended by H.E. Abdulla bin Touq Al Marri, Minister of Economy; H.E. Abdulla Sultan bin Awad Al Nuaimi, Minister of Justice; and H.E. Ahmed Al Sayegh, Minister of State.

Key signatories included H.E. Abdulla Ahmed Al Saleh, Undersecretary of the Ministry of Economy; H.E. Safeya Hashem Al Safi, Assistant Undersecretary for the Commercial Control and Governance Sector; H.E. Faisal Yousef bin Selaitin, CEO of the Economic Security Center of Dubai; and H.E. Majid Saqr Al Marri, CEO of the Real Estate Registration Sector at the Dubai Land Department.

This initiative underscores the UAE's commitment to enhancing institutional integration and fostering partnerships to strengthen monitoring, compliance, and enforcement systems. By establishing mechanisms for sustainable and secure inter-agency cooperation, it supports efforts to prevent money laundering, combat terrorism financing, and curb the proliferation of weapons.

Officials emphasized that the MoUs would help improve the UAE's preparedness for mutual evaluations, ensure high levels of legislative and regulatory compliance, and bolster efforts to combat cross-border financial crimes. These actions align with the country’s broader objectives of achieving sustainable economic growth and enhancing its global competitiveness.

The signatories reaffirmed their dedication to initiatives that fortify the national economy and reinforce financial security throughout the UAE.