The United Arab Emirates’ Interior Ministry has signed a memorandum of understanding with the Financial Services Regulatory Authority to combat virtual assets-related crime.
Strengthening Risk Mitigation Frameworks
The United Arab Emirates (UAE)’s Interior Ministry has signed a memorandum of understanding with the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) to enhance coordination in combating virtual assets-related crime. The agreement commits the ministry and the authority to share information and strengthen risk mitigation frameworks.
According to a report, the agreement also aims to support the UAE’s strategy to protect its financial system against evolving threats in the digital asset landscape. The memorandum of understanding demonstrates the regulator’s dedication to mitigating risks in emerging technologies, the report said.
Emmanuel Givanakis, CEO of the FSRA, praised the cooperation, saying it helps authorities stay ahead of bad actors.
“The FSRA is focused on collaboration with UAE authorities to proactively fight against financial crime. Financial crime is constantly evolving, and it is crucial that regulators stay ahead of potential threats. Our goal is to build long lasting partnerships across the UAE to ensure prevention of financial crime in financial services including the use of virtual assets,” the CEO explained.
Emmanuel Givanakis added that his organization’s objective is not only to protect the financial ecosystem but also to ensure the ADGM aligns with international best practices and federal laws. The regulator also aims to raise awareness among users about financial crime risks.
According to the Middle East Economy report, the agreement seeks to enhance the security and effectiveness of the UAE’s financial system by promoting knowledge sharing, joint training programs, and strengthened investigative capabilities.
