Page 509 - MOE ENGLISH PR REPORT - APRIL 2025 (Part 1)

4/22/25, 4:47 PM UAE highlights role of DNFBPs sector in fighting financial crimes in Dubai
H.E. further continued, “Through this platform, we aim to advance joint collaboration to enhance
the preparedness of Designated Non-Financial Businesses and Professions (DNFBPs) and
strengthen their alignment with recent adjustments to the Financial Action Task Force (FATF)
methodology. This will be achieved by promoting best practices and creating a platform for
constructive dialogue on challenges and opportunities. These efforts aim to establish a culture of
corporate compliance and achieve the highest levels of sustainability.”

Collaborative efforts against financial crimes

In his address, H.E. Talal Al Teneiji, director of the Executive Office for Control and Non-
proliferation (EOCN), underscored the collaborative nature of efforts to counter financial crime. He
stated: “Addressing financial crimes is not just a regulatory compliance matter; it is a shared
responsibility that requires effective coordination among the public and private sectors, and across
the international level.”

Al Teneiji highlighted the strategic importance of the DNFBP sector, saying, “We are proud of the
valuable participation of the country’s government entities and the Designated Non-Financial
Businesses and Professions sector—a strategic partner we value deeply and consider a vital line of
defense in combating financial crime—in this summit. This sector plays a key role in shaping and
implementing the requirements for control, counter-terrorism, and the proliferation of weapons.”

UAE’s legislative framework

H.E. also commended the UAE’s forward-looking approach to strengthening its legislative
framework, stating, “Over the recent years, the UAE has made significant strides in updating its
necessary legislative and operational systems to ensure full compliance with international
obligations related to targeted financial sanctions aimed at countering terrorism financing and the
proliferation of weapons.”

Highlighting EOCN’s recent capacity-building efforts, H.E. Al Teneiji noted that the Office has
recently launched a specialized e-learning platform focused on targeted financial sanctions.
Additionally, various programs, guidelines, explanatory videos, awareness sessions, and
presentations are available through the official website and communication channels. H.E. also
pointed out a recently completed national study, developed in collaboration with both sectors, that
assessed the risks associated with the financing of weapons proliferation across the country. The
sessions shared key findings from this study to contribute to mitigating risks associated with clients.

Interactive discussions and agreements

The two-day summit features a series of interactive discussions and analyses of related patterns,
addressing the means for combating financial crime. Moreover, several Memoranda of
Understanding (MoUs) were signed, strengthening the UAE’s efforts to counter illicit finance and
enhancing compliance with international standards.

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