UAE to Host Summit on DNFBPs’ Role in Combating Financial Crimes

UAE to Host Summit on Enhancing DNFBPs’ Role in Combating Financial Crimes

Dubai [UAE], April 14: The United Arab Emirates is preparing to host an important summit focused on the pivotal role of Designated Non-Financial Businesses and Professions (DNFBPs) in the global fight against financial crimes. Scheduled for April 16-17, 2025, in Dubai, the summit aims to highlight the significance of improving compliance measures and strengthening collaboration between the public and private sectors in tackling key issues such as terrorism financing and arms proliferation.

Organized by the UAE Ministry of Economy and the Executive Office for Control and Non-Proliferation (EOCN), the summit will act as a critical platform to raise awareness about the updated standards and guidelines set by the Financial Action Task Force (FATF). A central theme of the event will be the implementation of customer due diligence (CDD) and verification processes, particularly as they relate to preventing financial crimes linked to terrorism and the illegal trade of weapons.

One of the primary objectives of the summit is to equip members of the DNFBPs sector—such as real estate professionals and dealers in precious metals—with the knowledge and tools needed to effectively comply with the latest regulatory frameworks. This is essential to make sure that their activities complement global and national initiatives to stop illegal financial activity.

The meeting is crucial for developing public-private partnerships that will help national efforts to curb the financing of terrorism and the proliferation of weapons, according to EOCN Director Talal Al-Teneiji. He emphasized how crucial it is to do thorough risk assessments and incorporate international compliance requirements into the financial sector of the United Arab Emirates. Al-Teneiji asserts that correct reporting of suspicious activity, stopping financial sanctions evasion, and maintaining the integrity of the financial system all depend on cooperation between the public and private sectors.

Al-Teneiji stated, “This summit reflects the UAE’s determination to improve its legislative framework as well as its commitment to international financial crime prevention standards.” “We can create a more transparent and long-lasting financial system by enhancing collaboration and adherence to rules.”

The two-day conference will feature a number of interactive sessions, including talks on financial crime tactics, pattern analysis and the value of data transparency. These talks will be essential to reaffirm the UAE’s high-level commitment to combating illicit financial activities and ensure the country’s compliance with international best practices in preventing financial crimes.

National authorities, such as law enforcement agencies and the Financial Intelligence Unit, collaborate to protect the country’s financial system and support the UAE’s ongoing efforts to combat financial crimes. The conference is part of the UAE’s larger plan to promote public-private partnerships and join forces in the fight against financial crimes, ensuring a safe and open financial environment.