The Dubai Financial Services Authority (DFSA) and the Financial Intelligence Unit (FIU) of the UAE have teamed up on Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) and illegal organisations.
For this they have signed a Memorandum of Understanding (MoU). The MoU was signed by Ian Johnston, Chief Executive of the DFSA and Ali Faisal Ba’Alawi, Chief of the Financial Intelligence Unit.
The agreement aims to enhance co-operation, co-ordination, and information sharing between the DFSA and FIU to fulfil their respective obligations related to AML/CFT compliance. This includes ensuring that applicable laws are followed by relevant entities.
Johnston 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.”
Ba’Alawi added: “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.”-- TradeArabia News Service