Abu Dhabi: The Central Bank of the UAE (CBUAE) and the Economic Security Centre of Dubai have signed a Memorandum of Understanding (MoU) to strengthen cooperation and information sharing in combating financial crime. This initiative aims to achieve the strategic objectives of both organizations, bolster confidence in the UAE's financial system, and reinforce the country's prominent position on the global stage.
According to Emirates News Agency, the MoU was signed in the presence of Khaled Mohamed Balama, Governor of the CBUAE. Fatma Al Jabri, Assistant Governor for Financial Crime, Market Conduct and Consumer Protection at the CBUAE, and Faisal bin Sulaitin, CEO of the Economic Security Centre of Dubai, were the signatories. The signing ceremony was attended by Assistant Governors and senior officials from both entities.
The agreement focuses on enhancing cooperation between the CBUAE and the Economic Security Centre of Dubai in areas of mutual interest, including the exchange of information on best practices and international guidelines in combating financial crime. It also addresses the UAE's role in the Financial Action Task Force (FATF) and explores challenges and solutions to support national initiatives.
The MoU aims to improve professional skills, train staff, and implement joint awareness campaigns to combat financial crime effectively. Fatma Al Jabri emphasized the importance of the agreement in unifying local efforts to address global challenges in financial crime. She highlighted the Central Bank's commitment to developing national capabilities and forging partnerships with local and federal entities to safeguard the nation's financial ecosystem.
Faisal bin Sulaitin remarked that the MoU is a pivotal step in strengthening the strategic partnership to tackle challenges in the field of financial crime. He noted that the collaboration aims to exchange best practices and develop innovative solutions to keep pace with global developments in combating suspicious financial activities. The agreement is designed to enhance national expertise and capabilities, contributing to the protection of the UAE's economic and financial security.
