Government

Under the patronage of H.E. Abdulla bin Touq Al Marri, Minister of Economy, and H.E. Ahmed Al Sayegh, Minister of State, the two-day summit titled “The Role of the DNFBPs Sector in Fighting Financial Crimes” has commenced in Dubai. The event, organized by the Ministry of Economy and the Executive Office for Control and Non-Proliferation (EOCN), brings together key public and private sector players to advance the national agenda against money laundering, terrorism financing, and the proliferation of weapons.

The summit focuses on strengthening compliance with international standards, particularly those issued by the Financial Action Task Force (FATF), and on raising awareness among Designated Non-Financial Businesses and Professions (DNFBPs)—a category that includes real estate brokers, precious metals dealers, and other high-risk sectors.

National Strategy Aligned with Global Standards

In his keynote address, H.E. Abdulla bin Touq Al Marri reaffirmed the UAE’s commitment to combating financial crimes through advanced legislative and regulatory frameworks.

“The UAE, under the guidance of its wise leadership, has implemented a robust national system to counter money laundering and terrorism financing, making it one of the most advanced legal systems globally,” he stated.

He emphasized the UAE's proactive steps, including the enactment of seven major legislative policies between 2020 and 2024, enhancing the country's reputation as a global economic hub rooted in integrity, transparency, and compliance.

Private Sector: The First Line of Defense

H.E. Bin Touq highlighted the essential role of DNFBPs in detecting and reporting suspicious activities, stating:

“The private sector, especially DNFBPs, represents the first line of defense. Their role is key in identifying and reporting suspicious transactions, thereby supporting authorities in investigating illicit activities, recovering unlawful gains, and implementing financial sanctions.”

He added that the summit provides a platform to improve dialogue and coordination between regulatory authorities and the private sector, enhancing corporate compliance and sustainable business practices in line with evolving FATF requirements.

EOCN’s Vision for Unified Action

H.E. Talal Al Teneiji, Director of EOCN, stressed the importance of collaborative efforts across sectors:

“Countering financial crimes requires more than compliance—it demands unified national and international cooperation,” he said.

Al Teneiji spotlighted EOCN’s initiatives, including the launch of a specialized e-learning platform on targeted financial sanctions, the release of guidance materials and awareness programs, and the completion of a national risk assessment study addressing weapons proliferation financing.

“The DNFBP sector remains a cornerstone in building effective counter-terrorism and non-proliferation frameworks,” Al Teneiji noted.

Strengthening Compliance Through Knowledge and Agreements

The summit includes interactive sessions, case studies, and expert discussions on emerging risks and countermeasures. Several Memoranda of Understanding (MoUs) were also signed during the event to fortify the UAE’s stance against illicit finance and reinforce compliance mechanisms across sectors.

The event reaffirms the UAE’s ongoing efforts to remain at the forefront of international best practices, ensuring a safe, compliant, and attractive business environment while safeguarding national and global security interests.

• Tags
• #Business
• #Magazine
• #Lifestyle