Dubai: The UAE is set to host a significant summit focusing on ‘The Role of the Designated Non-Financial Businesses and Professions (DNFBPs) Sector in Combating Financial Crimes.’
According to Emirates News Agency, the event is organized by the Ministry of Economy and the Executive Office for Control and Non-Proliferation (EOCN) and will take place from 16th to 17th April 2025 in Dubai. The summit aims to emphasize the importance of enhanced compliance and strengthened cooperation between the public and private sectors in combating terrorism financing and arms proliferation.
The summit will serve as a platform to raise awareness about 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 event also seeks to empower the DNFBPs sector, which includes real estate agents and precious metals dealers, to effectively implement the latest regulatory measures.
Talal Al-Teneiji, Director of EOCN, highlighted the summit’s role in bolstering public-private partnerships and ensuring compliance with national requirements to combat terrorism financing and the proliferation of arms. He emphasized that the risk assessment study on terrorism financing and arms proliferation is essential in enhancing national efforts against financial crimes. Al-Teneiji stated that the summit reaffirms the UAE’s commitment to adhering to international standards, reflecting 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.
Al-Teneiji further explained the importance of collaboration between the public and private sectors in enhancing the reporting of suspicious activities and preventing sanctions evasion. By strengthening partnerships, the accuracy, completeness, and effectiveness of data derived from the DNFBPs sector can be ensured, directly enhancing national efforts in combating illicit financing and contributing to a more transparent and sustainable financial system.
He also underscored the ongoing efforts by the UAE government through law enforcement agencies and the Financial Intelligence Unit, all working towards the unified goal of safeguarding and maintaining the financial system. Al-Teneiji concluded that the summit is part of ongoing efforts to build strong partnerships between the public and private sectors in combating financial crimes.
The two-day summit will feature interactive discussions and related pattern analyses focused on strategies to combat financial crimes, playing a crucial role in reinforcing the country’s high-level commitment to combating illicit financing and ensuring alignment with international standards.