UAE to host summit on role of DNFBPs sector on combating financial crimes

Organised by the Ministry of Economy and the Executive Office for Control and Non-Proliferation (EOCN), the event, which will take place from 16th to April 17, 2025, in Dubai, will underscore the importance of enhanced compliance and strengthened cooperation between the public and private sectors in combating terrorism financing and arms proliferation.

The key summit serves as a vital platform to raise awareness regarding the updated national and international requirements set forth by the Financial Action Task Force (FATF). A central focus will be on customer due diligence and verification procedures, aligning with targeted financial sanctions aimed at preventing terrorism financing and the proliferation of arms.

The summit also seeks to empower the DNFBPs sector, including real estate agents and precious metals dealers, to effectively implement the latest regulatory measures.

Talal Al-Teneiji, Director of EOCN, stressed the summit's crucial role in bolstering public-private partnerships and ensuring compliance with national requirements to combat terrorism financing and the proliferation of arms. He also emphasised that the risk assessment study on terrorism financing and the proliferation of arms is a crucial element in enhancing national efforts against financial crimes.

"This summit reaffirms the UAE's commitment to adhering to international standards, and reflects the ongoing efforts by national authorities and the private sector to strengthen the legislative framework for combating money laundering and the financing and proliferation of arms in the country," Al-Teneiji stated.

He further stated that collaboration between the public and private sectors is crucial in enhancing the reporting of suspicious activities and preventing sanctions evasion. "By strengthening partnerships," he explained, "we can ensure the accuracy, completeness, and effectiveness of data derived from the Designated Non-Financial Businesses and Professions sector, which will directly enhance our national efforts in combating illicit financing and help to create a financial system that is more transparent and sustainable."

Al-Teneiji also highlighted the ongoing efforts of the UAE government through law enforcement agencies and the Financial Intelligence Unit, stressing their unified goal to safeguard and maintain financial system. He concluded, "This summit is part of the ongoing efforts to build strong partnerships between the public and private sectors in combating financial crimes."

The two-day summit will feature a series of interactive discussions and related pattern analyses focused on strategies to combat financial crimes, which will play a vital role in reinforcing the country's high-level commitment to combating illicit financing and ensuring alignment with international standards. (ANI/WAM)