DFSA signs MoU with Financial Intelligence Unit to deepen AML/CFT cooperation

By Arya M Nair, Official Reporter
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DFSA_FIU cooperation
Officials at MoU signing

The Dubai Financial Services Authority (DFSA), the financial regulatory agency of the Dubai International Financial Center (DIFC), has signed a Memorandum of Understanding (MoU) with the Financial Intelligence Unit (FIU) of the UAE to advance coordination and cooperation in Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) and illegal organizations.

The MoU was signed by Mr. Ian Johnston, Chief Executive of the DFSA, and Mr. Ali Faisal Ba’Alawi, Chief of the Financial Intelligence Unit.

The agreement aims to enhance cooperation, coordination, and information sharing between the DFSA and FIU to fulfill their respective obligations related to AML/CFT compliance. This includes ensuring that applicable laws are followed by relevant entities.

Ian Johnston_DFSA signs MoU with Financial Intelligence Unit
Ian Johnston

“It is crucial to work closely with authorities at a local, regional and global level in our interconnected environment, to exchange information and combine resources to combat financial crime. We look forward to continuing to work with the FIU, as this MoU establishes a structured foundation for cooperation on matters related to AML and CFT.”

Mr. Ali Faisal Ba’Alawi said that “The MoU signing formalizes the sharing of knowledge, experience, and expertise regarding the prevention of financial crime. Such cooperation is essential in order to protect and promote the integrity, stability and efficiency of the supervised entities and financial system.”

Earlier this year, DFSA struck MoU with Brunei Darussalam Central Bank in order to boost information exchange and cooperation between the two authorities.

Related: UAE’s Executive Office of AML/CFT hosts 2nd National Risk Assessment workshop