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The Executive Office for Control and Non-proliferation (EOCN) and the Financial Intelligence Unit (FIU) signed a memorandum of understanding (MOU) to enhance bilateral cooperation and coordination to implement the targeted financial sanctions set by the United Nations and combat the financing of arms proliferation.

The MOU aims at strengthening joint collaboration to achieve the objectives of the UAE National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organization Committee to counter money laundering, combat the financing of terrorism and the financing of illegal organizations, especially with regard to supporting the implementation of targeted financial sanctions without delay, and raising the level of coordination in line with developments in countering the financing of terrorism, the proliferation of weapons and combating evasion of sanctions.

The signing ceremony was attended by H. E. Ahmed Al Sayegh, Minister of State, and H. E. Khaled Mohammed Balama, the current governor of the Central Bank of the United Arab Emirates (CBUAE) and chairman of the UAE National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organization Committee to counter money laundering and combat the financing of terrorism and the financing of illegal organizations.

The MoU was signed by H. E. Talal Mohammed Al Teneiji, director of the Executive Office for control and non-proliferation, and H. E. Ali Faisal Baalawi, head of the UAE Financial Intelligence Unit.

Commenting on the signing of the MOU, H. E. Ahmed Al Sayegh, Minister of State, pointed out the importance of enhancing cooperation between local entities in light of their ongoing commitment to strengthening the national system to counter money laundering and terrorist financing, as a key priority for the UAE and one of the pillars of its strategy to enhance financial compliance and expand the scope of international cooperation at this level.

His Excellency H. E. Khaled Mohammed Balama, governor of CBUAE and chairman of the UAE National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organization Committee to combat money laundering, combating the financing of terrorism and financing illegal organizations, said:

“the MOU confirms the UAE's firm commitment to combating illicit financing and maintaining the integrity of the global financial system. This memorandum contributes to the development of local capabilities to counter illegal acts, strengthen the approach based on national coordination in countering financial crimes, leading to the consolidation of the UAE's efforts in combating the financing of terrorism, the spread of arms and the application of financial sanctions, besides protecting and enhancing the integrity and stability of the UAE's financial system."

His Excellency Talal Mohammed Al-Teneiji, director of the EOCN, highlighted the importance of signing the MOU between the EOCN and the FIU to implement the vision of the office in establishing strong bases with national partners to build capacities and enhance the level of effectiveness of implementing the requirements of Security Council resolutions related to combating terrorism and the proliferation of arms and their financing. This is also for protecting the national economy and the local and global financial system from exploitation by any illegal operations. Al-Teneiji has also stressed that national cooperation and information sharing constitute a fundamental pillar to combat terrorist financing crimes, arms proliferation and sanctions evasion, praising the efforts made by the FIU in order to develop electronic systems to assist financial institutions and Designated Non-Financial Businesses and Professions (DNFBPs) in the application of financial sanctions without delay and working side by side with the EOCN to develop a list of indicators that help detect and report cases of evasion from sanctions. This is besides providing the office with the necessary statistics on suspicious operations related to the financing of terrorism and arms proliferation so that they can be included in international reports, such as the assessment reports of the Financial Action Task Force (FATF) or those issued to the UN.

For his part, H. E. Ali Faisal Baalawi, head of the UAE Financial Intelligence Unit, has stressed the significant progress made by the UAE with regard to the legislative framework for the application of targeted financial sanctions and the fight against proliferation financing, represented by the approval of the Financial Action Task Force (FATF) and the Financial Action Task Force for the Middle East and North Africa (MENAFATF) to put the UAE at a "committed" level in the implementation of targeted financial sanctions related to terrorism, its financing and proliferation.

1. E. baalawi praised the efforts of the Executive Office for control and non-proliferation in tracing the financial assets of listed persons and entities, and providing financial information to investigate any possible violations of targeted financial sanctions.