The United Arab Emirates Ministry of Economy, together with the Executive Office for Control and Non-Proliferation (EOCN), launched a two-day Dubai summit on the role of Designated Non-Financial Businesses and Professions (DNFBPs) in combating financial crime, focused on updated Financial Action Task Force (FATF) requirements and targeted financial sanctions to counter terrorism financing and the proliferation of arms. The agenda centres on customer due diligence and verification procedures and is intended to improve cooperation between public authorities and the private sector, including DNFBP segments such as real estate agents and precious metals dealers. EOCN highlighted recent capacity-building work, including a specialised e-learning platform on targeted financial sanctions and related guidance and awareness materials, and referenced a newly completed national study assessing risks linked to the financing of weapons proliferation; the summit also included the signing of several memoranda of understanding to support illicit-finance controls and compliance with international standards.
Ministry of Economy (UAE) 2025-04-16
United Arab Emirates Ministry of Economy and EOCN open Dubai summit to strengthen DNFBP compliance with FATF requirements and targeted financial sanctions
The UAE Ministry of Economy and the Executive Office for Control and Non-Proliferation launched a Dubai summit on the role of Designated Non-Financial Businesses and Professions in combating financial crime, focusing on updated Financial Action Task Force requirements. The summit addressed customer due diligence, verification procedures, and cooperation between public authorities and the private sector, featuring capacity-building initiatives and signing memoranda of understanding to enhance compliance with international standards.