DFSA and Financial Intelligence Collaborate to Combat Financial Crime in UAE

Memorandum of Understanding (MoU) between the Dubai Financial Services Authority (DFSA) and the Financial Intelligence Unit (FIU) of the United Arab Emirates (UAE) has been signed to advance cooperation and the exchange of information regarding anti-money-laundering (AML) control and the prevention of financing of terrorism (CFT).

The Dubai Financial Services Authority (DFSA) is an independent regulator that keeps surveillance on financial institutions and creates a financially secure environment in Dubai. Additionally, the DFSA also supervises and enforces the financial sector to comply with the AML and CFT regulations to combat illicit activities. DFSA operates in the special economic zone and is responsible for offering an international standards regulatory environment. Contrary, the UAE Financial Intelligence Unit (FIU) investigates financial crimes, frauds and suspicious transactions. 

On August 3rd, DFSA and FIU signed an MoU to combat money laundering and other illicit activities to advance cooperation and coordination on AML/CFT and illegal organisations. The AML and CFT laws, with the coordination of these two authorities, prevent money laundering and detect financial criminals. This agreement was signed to ensure the companies sync with AML regulations effectively and follow suitable measures.

The MoU aims to strengthen the AML and CFT measures by sharing the information between the FIU and DFSA related to regulations compliance. The DFSA chief executive, Lan 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.”

The Chief of the UAE Financial Intelligence Unit (FIU) also stated about the MoU agreement “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.”

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