DUBAI, July 20 (Xinhua) -- The Central Bank of the United Arab Emirates (UAE) and the Dubai Police have signed a memorandum of understanding (MoU) to facilitate information exchange on financial crimes.
The MoU was signed by Governor of the UAE Central Bank Khaled Mohamed Balama and Commander-in-Chief of the Dubai Police Abdullah Khalifa Al Marri, UAE's official news agency WAM reported on Thursday.
Under the MoU, the two sides will enhance information sharing of financial crimes and suspicious cases by establishing a communication mechanism, work together to detect sophisticated money laundering schemes, monitor suspicious financial activities and conduct joint inspections.
"This MoU is significant to achieve our common goals by exchanging supervisory information to strengthen the national efforts in fighting financial crimes, enhancing financial stability and supporting the country's financial and economic system," Khaled Mohamed Balama was quoted as saying.
Abdullah Khalifa Al Marri said the MoU is "a step forward" to strengthen their capacity to combat financial crimes and improve the effectiveness in safeguarding the integrity of the UAE's financial system. ■
