UAE steps up crackdown on financial fraud in new deal

Dubai: The UAE’s Ministry of Economy and Dubai Police joined forces to improve tracking, inspection, and monitoring of suspicious financial activities—especially in sectors outside regular banking oversight like real estate, gold and jewellery trading, auditing, and business services.

The agreement aims to set up faster, more secure communication channels between the Ministry of Economy and Dubai Police. This includes the exchange of confidential information about suspicious financial transactions and beneficial ownership data — in other words, who really owns or benefits from a company or transaction.

When noting the UAE’s progress in strengthening laws to combat money laundering and terrorism financing as per global standards, Safia Hashim Al Safi, Assistant Undersecretary for Commercial Control and Governance at the Ministry of Economy, highlighted the new MoU supports greater collaboration between federal and local entities to enhance oversight, improve control and monitoring of illicit activities.

According to the Ministry of Economy, improving how government departments work together in sectors not traditionally covered by financial regulators will further help spot red flags earlier and act faster.

Officials from both the Ministry of Economy and Dubai Police highlighted that the agreement also focuses on developing smarter detection tools to ensure long-term effectiveness.

Major General Expert Khalil Al Mansoori, Assistant Commander-in-Chief for Criminal Investigation Affairs at Dubai Police, said: "The MoU with the Ministry of Economy is a significant milestone in enhancing institutional integration among relevant entities involved in combating financial crimes. Dubai Police is committed to supporting national efforts to counter money laundering and combat terrorism financing by advancing its technical and human competencies.

"We aim to leverage Dubai Police's research, investigation, and financial analysis ecosystems to develop effective, proactive mechanisms for detecting suspicious activities and enhancing rapid responses to associated risks, in line with global best practices. This plays a role in reinforcing the UAE's position as a secure and transparent global economic hub."

The two sides will also launch joint training programmes and workshops to sharpen investigative and regulatory skills, create better analytical tools for decision-making, and collaborate on awareness campaigns to prevent violations before they occur.

The new framework was signed during the World Police Summit held in Dubai and is seen as part of the UAE’s ongoing efforts to maintain transparency, attract global investment, and ensure strong compliance across all economic sectors.