Dubai: The Ministry of Economy and Tourism and the Dubai Financial Services Authority (DFSA) have signed a Memorandum of Understanding to enhance cooperation and facilitate the exchange of information relating to the regulatory oversight of auditors and Designated Non-Financial Businesses and Professions (DNFBPs) within their respective jurisdictions.
According to Emirates News Agency, Abdulla bin Touq Al Marri, Minister of Economy and Tourism, emphasized the UAE's commitment to building a robust financial services infrastructure, which is crucial for a knowledge-based economy. The MoU signifies a commitment to strengthening regulatory frameworks to support economic growth.
Fadel Al Ali, Chairman of the DFSA, noted that the agreement would enhance the DFSA's ability to maintain high standards across supervised sectors, contributing to efforts against financial crime and supporting sustainable growth in the financial services sector.
The MoU establishes a framework for collaboration, supporting transparency, accountability, and integrity across financial and non-financial sectors. It reflects a commitment to effective supervision and enforcement aligned with international best practices.
The agreement aims to strengthen cooperation and combat money laundering, terrorism financing, and illicit activities, within the scope of respective laws and regulations. It underscores the importance of information sharing and coordinated oversight to address regulatory challenges and foster a resilient financial ecosystem in Dubai and the UAE.
