The UAE Ministry of Economy and Tourism reported that the Economic Integration Committee discussed new mechanisms to strengthen supervision of designated nonfinancial businesses and professions and improve assessment tools. The mechanisms would support comprehensive compliance and supervisory coverage by the ministry and other regulators. They would also support the national risk assessment and promote compliance among supervised businesses as part of efforts to combat money laundering and terrorist financing. At the meeting, chaired by Minister of Economy and Tourism Abdulla bin Touq Al Marri, the committee also reviewed developments in economic legislation. It emphasized cooperation between local economic departments and other relevant bodies to develop priority economic clusters. These clusters would connect businesses, government bodies, academic institutions and research and development centers to improve access to economic and investment opportunities, raise productivity and accelerate innovation.
UAE Ministry of Economy and Tourism reports discussions on stronger supervision of designated nonfinancial businesses and professions
The UAE Ministry of Economy and Tourism reported that the Economic Integration Committee examined new supervisory mechanisms and assessment tools for designated nonfinancial businesses and professions to strengthen efforts against money laundering and terrorist financing. Discussions also covered economic legislation and cooperation on priority economic clusters to connect businesses with government and research institutions and improve access to investment opportunities.