UAE Ministry of Interior and Dubai Authority sign MoU to combat financial crimes

 UAE Ministry of Interior and Dubai Authority sign MoU to combat financial crimes

To ensure the safety of the virtual assets sector in the country

The UAE Ministry of Interior and the Dubai Virtual Assets Regulatory Authority signed a Memorandum of Understanding to establish a collaborative approach to combat financial crimes related to virtual assets, as part of the UAE’s ongoing commitment to protecting the financial system and promoting leadership in the digital economy.

The MoU unifies efforts and enhances cooperation, especially in the field of exchanging information related to virtual assets service providers and related illegal transactions and practices; to ensure the safety of the virtual assets sector in the country, and facilitate the exchange of data between the Virtual Assets Regulatory Authority and the Ministry of Interior.

The MoU includes provisions related to developing joint training programs, forming specialized work teams, and establishing electronic platforms to monitor and detect suspicious activities.

Following the signing of the MoU, the two parties ensure the protection of consumer rights, combating money laundering activities, and maintaining financial stability in the UAE. Through joint efforts, the Ministry of Interior and the Virtual Assets Regulatory Authority are committed to promoting a compliant, safe, and innovative environment for the growth of the virtual assets sector.

Major General Khalifa Hareb Al Khaili, Undersecretary of the Ministry of Interior, stressed the Ministry's keenness to enhance the integrated work system with national institutions in order to enhance security, pointing out the importance of working in a collaborative manner to achieve common strategic goals and develop the work system in a comprehensive and institutional manner.

The UAE's classifications witnessed a significant improvement in the framework of combating financial crimes. According to the assessments of civil society organizations, its ranking in the Basel Anti-Money Laundering Risk Index rose, with the FATF category score updated from 5.77 to 4.96, which improved the country's overall score from 5.74 to 5.43.