DFSA And Ministry Of Economy And Tourism Sign MoU To Strengthen Regulatory Oversight And Financial Services Growth
Dubai Financial Services Authority and the Ministry of Economy and Tourism have signed a Memorandum of Understanding (MoU) aimed at enhancing cooperation, strengthening regulatory oversight, and supporting the growth of the UAE’s financial services sector.
The agreement focuses on improving coordination and facilitating the exchange of information related to the supervision of auditors and Designated Non-Financial Businesses and Professions (DNFBPs) across their respective jurisdictions.
Strengthening Regulatory Frameworks And Investor Confidence
Abdulla Bin Touq Al Marri stated that the UAE continues to prioritise the development of a robust and advanced financial infrastructure, positioning the sector as a key pillar of a knowledge-based economy driven by innovation and flexibility.
He noted that closer collaboration with the DFSA will enhance oversight effectiveness, boost investor confidence, and reinforce the global standing of Dubai International Financial Centre, as well as Dubai and the wider UAE, as leading financial hubs.
Enhancing Oversight And Combating Financial Crime
Fadel Al Ali highlighted that the MoU represents a significant step in strengthening the DFSA’s collaborative regulatory approach. The agreement is expected to support higher supervisory standards across sectors while contributing to broader national efforts to combat financial crime.
The framework establishes mechanisms for coordinated supervision and enforcement, aligning with international best practices and addressing evolving regulatory challenges.
Promoting Transparency And Sustainable Growth
The MoU underscores a shared commitment to maintaining transparency, accountability, and integrity across both financial and non-financial sectors. It also reinforces joint efforts to tackle money laundering, terrorism financing, and illicit activities, within the scope of applicable laws and regulations.
By enhancing information sharing and regulatory coordination, the agreement aims to foster a resilient and growth-oriented financial ecosystem, supporting the continued development of DIFC, Dubai, and the UAE as global financial centres.
