Dr. Maryam Al Suwaidi:
• The MoU lays down the foundations for mutual cooperation in dealing with fictitious entities and corporations engaged in activities in the UAE without being properly licensed by the SCA.
• The terms of the MoU promote the exchange of information on cases of suspected financial market crimes.
Faisal bin Sulaitin:
The MoU translates joint cooperation into action to capitalize on expertise and promote the confidence of investors in the integrity of the UAE financial markets.
The Securities and Commodities Authority (SCA) and the Economic Security Center of Dubai (ESCD) signed a memorandum of understanding (MoU) that lays down a framework for joint cooperation between the two sides. The MoU was signed by Her Excellency Dr. Maryam Butti Al Suwaidi, SCA’s CEO, and His Excellency Faisal Yousuf bin Sulaitin, ESCD’s Executive Director, in the presence of His Excellency Mohammed Khalifa Al Hadari, Deputy CEO for Supporting Services at SCA.
“The MoU aims to enhance the effectiveness of curbing money laundering and terrorism financing in the United Arab Emirates and to lay down the foundations for mutual cooperation with regard to companies engaged in activities subject to SCA’s supervision and regulation without obtaining the needed licenses,” Dr. Al Suwaidi said. “Therefore, the MoU provides for mutual coordination on matters pertaining to complaints from UAE-based investors against fictitious and unlicensed entities and joint cooperation in ensuring ongoing compliance with the international standards on fighting money laundering and terrorism financing.”
She added that “under the MoU, the two sides agreed to exchange expertise and information on financial crimes, cases of suspected capital market crimes, and the definitive judicial rulings issued in cases referred to the competent courts in the UAE. The MoU also permits the engagement of the services of experts and consultants from both sides in areas related to combating money laundering and the financing of terrorism and illegal organizations.”
Bin Sulaitin, for his part, said that the MoU will help facilitate and promote cooperation between the ESCD and SCA. He stressed the importance of showing the spirit of teamwork to advance the objectives of the national strategy on curbing money laundering and terrorism financing and the National Action Plan formulated to strengthen the system through which financial crimes in the UAE are dealt with. As part of this joint cooperation, he added, expertise and information will be shared on issues pertaining to money laundering and terrorism financing to enhance the protection of public funds from financial fraud, thus helping underpin financial stability, protect the country’s economy, and promote the principles of transparency and integrity to serve the common good.
According to the terms of the MoU, the SCA will notify the ESCD of cases where activities subject to its supervision (and under its regional jurisdiction) are being engaged in without a license so that it coordinates with the relevant authorities with regard to such cases and inform the SCA of the measures and actions taken.
The two sides will also cooperate in organizing specialized training courses in areas related to combating money laundering and the financing of terrorism and illegal organizations, in addition to any other areas of mutual interest.
Mutual coordination efforts will be targeting investor complaints against fictitious entities or unlicensed corporations that are engaged in activities subject to SCA’s supervision without being properly licensed.
Under the MoU, the ESCD will furnish the SCA with information on investigations conducted into illicit financial market practices related to money laundering and the financing of terrorism and illegal organizations.