The Financial Supervision Authority in Ajman has entered into a collaborative agreement with the Dubai Economic Security Center aimed at enhancing the economic security framework and sharing expertise to combat financial corruption and economic crimes. This agreement seeks to bolster institutional cooperation and knowledge exchange between the two entities to achieve superior levels of financial oversight and protect economic resources. Key areas of collaboration include capacity building and training, coordination of oversight and inspection processes, cooperation in digital systems and financial analysis, and the development of policies and regulations, alongside awareness campaigns.
Significant Advancement
Shihab Ahmed Al Ali, the Director General of the Financial Supervision Authority in Ajman, stated that this agreement marks a significant step towards establishing strategic partnerships with government institutions, thereby enhancing the authority’s capabilities and aligning with its goals for developing a robust financial oversight system.
Furthermore, Faisal Yusuf Bin Sulaitin, the CEO of the Dubai Economic Security Center, highlighted that this partnership will support professional practices to create a unified protocol for addressing complaints and conducting financial investigations, such as those related to corruption allegations or conflicts of interest within the UAE. It also opens broader avenues for knowledge and experience sharing.
The signing of this cooperative agreement underscores both parties’ commitment to collaborative efforts aimed at reinforcing principles of good governance and transparency, supporting national initiatives to advance the financial and supervisory systems, and ensuring adherence to the highest standards of efficiency and transparency.