UAE Summit to Fortify Public-Private Alliances Against Financial Crimes

The UAE will host a critical summit in April 2025, spotlighting the role of Designated Non-Financial Businesses and Professions (DNFBPs) in combating financial crimes. Key topics include compliance with FATF standards, customer due diligence, and public-private collaboration to address terrorism financing and arms proliferation.

Dubai [UAE], April 14 (ANI/WAM): The United Arab Emirates is preparing to convene a pivotal summit addressing "The Role of the Designated Non-Financial Businesses and Professions (DNFBPs) Sector in Combating Financial Crimes." Spearheaded by the Ministry of Economy and the Executive Office for Control and Non-Proliferation (EOCN), the event will unfold from April 16 to April 17, 2025, in Dubai, emphasizing the need for improved compliance and enhanced cooperation between public and private sectors to combat terrorism financing and the proliferation of arms.

This summit acts as an essential forum to elevate awareness about the revised national and international obligations established by the Financial Action Task Force (FATF). Key discussions will revolve around customer due diligence and verification procedures, aligning with specific financial sanctions aimed at hindering terrorism financing and arms proliferation. The gathering also aims to empower the DNFBPs sector, including real estate agents and precious metals dealers, in implementing the most recent regulatory standards effectively.

Talal Al-Teneiji, Director of EOCN, highlighted the summit's vital function in reinforcing public-private partnerships and ensuring adherence to national directives in battling terrorism financing and arms proliferation. He emphasized that the terrorism financing and arms risk assessment study is fundamental to boosting national anti-financial crime efforts. Al-Teneiji reaffirmed the UAE's dedication to international standards, reflecting ongoing endeavors by national bodies and the private sector to solidify the legislative framework against money laundering and arms funding proliferation. He stated the importance of public-private collaboration in enhancing the detection of suspicious activities and preventing sanction evasion, stressing that fortified partnerships will bolster national efforts against illicit financing and foster a more transparent and sustainable financial system.

(With inputs from agencies.)