Page 511 - MOE ENGLISH PR REPORT - APRIL 2025 (Part 1)

4/22/25, 4:47 PM Summit highlighting the role of DNFBPs sector in fighting financial crimes kicks off in Dubai - Business - Economy and Finance - E…
H.E. said: “We firmly believe that the private sector, particularly the DNFBPs, represents the first line of defense in the fight against
financial crimes. Their proactive role in promptly identifying and reporting suspicious transactions is essential to empowering the
competent authorities to detect and investigate illicit activities, hold offenders accountable, seize unlawful proceeds, and enforce
relevant sanctions. These efforts play a critical role in cultivating a secure and transparent business ecosystem and maintaining a
stable economic environment - further enhancing the UAE’s standing as a safe, reliable, and attractive destination for investment, both
regionally and globally.”

His Excellency added: “The summit s happening at a time when the regulatory and control environment for combating money
laundering and countering terrorism financing is undergoing rapid developments. It serves as a key national platform for strengthening
dialogue, enhancing communication, and fostering integration between regulatory bodies and the private sector across the UAE.”

H.E. 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.”

In his speech, H.E. Talal Al Teneiji, Director of the Executive Office for Control and Non-proliferation (EOCN), emphasized the
collaborative nature of efforts to counter financial crime. He said: “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.”

H.E. also commended the UAE’s forward-looking approach to strengthening its legislative framework, saying, “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 efforts in capacity building, H.E. Al Teneiji noted that the Office has recently launched a specialized e-
learning platform focused on targeted financial sanctions. Additionally, there are programs, guidelines, explanatory videos, awareness
sessions, and presentations made available through the official website and communication channels. H.E. also highlighted a recently
completed national study, developed in collaboration with both sectors, focused on assessing the risks associated with the financing of
weapons proliferation across the country. The sessions shared the key findings from this study to contribute to mitigating risks
associated with clients.

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

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