Cooperation between the Ministry of Interior and the Securities & Commodities Authority for enhancing financial security and safety and preventing illegitimate practices in the securities market in the State

Major General/ Khalifa Al Khaili: We are keen on enhancing the integrated work system

Dr. Maryam Al Suwaidi: The memorandum supports the SCA's initiatives within the awareness-raising campaign for combating unlicensed financial activities

According to the instructions of the wise leadership and within the framework of achieving the strategic objectives of both parties, aiming at protecting the investors' rights and enhancing financial stability of the national economy of the State, the Ministry of Interior and the SCA today entered into a memorandum of understanding on the exchange of information about the illegitimate practices and activities in the securities and commodities market in the United Arab Emirates.

The memorandum of understanding was signed by Major General/ Khalifa Hareb Al Khaili - Undersecretary of the Ministry of Interior, on behalf of the Ministry of Interior and by Dr. Maryam Buti Al Suwaidi – the SCA's CEO, on behalf of the Securities & Commodities Authority.

The memorandum of understanding aims at enhancing the joint cooperation and exchange of information on the securities and commodities market in the State for effectively reaching to and sharing the available information sources, along with regulatory coordination, which prevent the illegitimate financial practices and activities, and for ensuring integrity of the transactions conducted in the securities market in the State. The memorandum also aims at enhancing coordination between the parties in a way that will achieve financial security and safety in the securities investment environment in the State and in a way that shall ensure effectiveness of financial systems for combating money laundering crimes and cooperation with other regulatory authorities and the law enforcement authorities concerning the suspected transactions and activities in the securities and commodities market.

After signing the memorandum, Major General/ Khalifa Hareb Al Khaili - Undersecretary of the Ministry of Interior, confirmed that they are keen on – under vision of the wise leadership – enhancing the integrated government work system by enhancing partnerships and cooperation with all authorities and entities for improving the life quality of and maintaining safety and security of the UAE's society. Today, we witness the signing of this memorandum that comes within such approach aiming at achieving the strategic objectives and goals of the UAE's government for sustainable development.

He referred to the importance of enhancing the work according to sustainable vision, that ensures the integration of roles for the purpose of keeping, protecting the rights of all individuals in the society and insuring the investment environment and economic wheel in the UAE's comprehensive development journey, so that all authorities shall cooperate and exchange experiences, and the tasks shall be integrated to enhance the work system in an institutional form based on development, update, cadres efficiency and flexibility of control and governance policies.

On the other hand, Dr. Maryam Al Suwaidi – the SCA's CEO – expressed her happiness for the commencement of new stage of cooperation concerning matters of common interest with the Ministry of Interior. She confirmed that the memorandum is signed according to the wise leadership's instructions to enhance cooperation among the governmental authorities in the State and as implementation of the strategic plans of both of the parties for the purpose of achieving integration of efforts, exchange of experiences and ensuring speed access to information in all fields, in a way that shall achieve mutual benefit by enhancing joint cooperation, the initiatives supporting the regulatory role of the SCA in protecting the rights of all investors categories and detection of crimes and violations that may be committed in the financial markets sector.

The SCA's CEO stated that the memorandum is included within the scope of the initiatives launched by the SCA within its educative campaign for combating unlicensed financial activities according to the vision and instructions of the wise leadership of the State concerning the development of securities sector, as the same aims at raising awareness of society of the procedures that ensure protection from fraudulent practices, prevention of promoting fraudulent practices in the financial markets and making the transactions limited to the licensed parties, which shall contribute to protecting investors, protecting the licensed financial activities from illegitimate competition and enhancing anti-money laundering in a way that shall eventually raises the State's comprehensive development journey.

The parties agreed, under the memorandum, on the cooperation and coordination concerning complaints, cases or investigations related to the finical cyber-crimes and dealing in virtual assets, along with the exchange of information and data about the persons who are subject to investigation about manipulation of trading prices or illegitimate practices.

The memorandum allows the parties to seek assistance from available experts and advisors in the fields of anti-money laundering crimes for transferring knowledge, improving professional and practical skills of the employees and regulating and implementing joint specialized training courses, along with seeking establishment of a secure electronic link between the parties.

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