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Dubai Police, UAE FIU announce Joint Operations Room

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DUBAI, 15th December, 2021 (WAM) — The Dubai Police General Command and the UAE Financial Intelligence Unit (FIU) have signed a Memorandum of Understanding (MoU) to enhance joint efforts to combat money-laundering crimes and efficiently track illegal assets and criminal proceeds, in addition to establishing a Joint Operations Room to combat money laundering crimes.

Ahmed Ali Al Sayegh, Minister of State, and Lieutenant-General Abdullah Khalifa Al Marri, Commander-in-Chief of Dubai Police, both witnessed the signing ceremony, which was held at the Partners Hub at Expo 2020 Dubai.

The MoU was signed by Expert Major General Khalil Ibrahim Al Mansouri, Assistant Commander-in-Chief for Criminal Investigation Affairs at Dubai Police, and Ali Faisal Ba'Alawi, Head of the UAE Financial Intelligence Unit (FIU), in the presence of Hamid Al Zaabi, Director-General of the Executive Office of Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF); Brigadier Jamal Salem Al Jallaf, Director of the General Department of Criminal Investigation at Dubai Police; and other senior officers and officials of both entities.

Ahmed Al Sayegh said the UAE continues to exert great efforts to combat money laundering, as part of which all concerned government agencies have joined forces to consolidate their capabilities to combat financial crimes around the clock. "The MoU between the Dubai Police and FIU is a qualitative leap towards enhancing capabilities to combat this type of crime," "By closely working together; we can be more effective in protecting and securing the financial system in the country," Al Sayegh added.

Lieutenant-General Al Marri explained that the MoU is in line with the vision of the leadership and the state's strategic objectives to activate cooperation mechanisms and find adequate tools and capabilities that can enhance the exchange of information regarding suspicious cases related to money laundering. Lt. Gen. Al Marri further stressed Dubai Police's keenness to cement their cooperation and coordination with the FIU to ensure the safety and security of society.

Expert Major General Al Mansouri said that under the MoU a joint operations room will be established at the Dubai Police General Headquarters to combat money laundering crimes. "The MoU also outlines an effective mechanism for communications between the two parties to facilitate the exchange of information related to money laundering cases, improve the professional skills of employees of both parties, and strengthen cooperation in the field of personnel training and technical assistance," Maj. Gen Al Mansouri added.

Hamid Al Zaabi noted that the MoU between Dubai Police and FIU will effectively enhance cooperation and create a strong partnership across areas of shared responsibilities. "The MoU facilitates the flow of information and exchange of expertise, and boosts international cooperation in security and policing in a manner that serves common goals and contributes to achieving the state's strategy to ensure the highest levels of security and safety.

"The MoU is also part of the UAE's continuous efforts to fight corruption, organised crime, terrorist financing and illicit financial flows at the regional and international levels."

"We, at AML/CTF, aim to prevent threats posed by illegal financial activities on the stability and integrity of the global financial system, and we look forward to further enhancing cooperation with our partners," he confirmed.

Al Zaabi reaffirmed the UAE's support for the Financial Action Task Force (FATF) and the Financial Action Task Force for the Middle East and North Africa (MENAFATF). He added that the UAE continues to develop and advance its national system to combat money laundering and terrorist financing and implement the highest and latest international standards in this regard.

Ba'Alawi said the MoU will be positively and effectively utilised in financial crime investigations. It will also aid the FIU in analysing and tracking suspicious transactions and activities that may involve money laundering, terrorist financing, and other criminal activities. He said the joint operations room relies on data and reports received from financial institutions and designated non-financial businesses and professions, which enable concerned entities to effectively cooperate and share intelligence to identify illegal activities and take necessary legal measures.

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Emirates

Mohamed bin Zayed meets with President of Iraq’s Kurdistan Region

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ABU DHABI, 25th January, 2022 (WAM) — His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has met with Masrour Barzani, Prime Minister of the Iraqi Kurdistan Regional Government.

During the meeting held at Qasr Al Bahr, Sheikh Mohamed and Barzani discussed the cooperation and relations between the UAE and Iraq, particularly the Kurdistan Region, across various economic, investment, development and humanitarian fields.

They also exchanged views on developments in the Middle East and efforts to achieve peace, stability and prosperity for its peoples towards a better future founded on cooperation and coexistence.

Barzani expressed his condemnation of the terrorist attack carried out by the Houthi militia on civil areas and facilities in the UAE, and said that it is a serious violation of international laws and norms and a grave threat to regional security.

He also emphasised the importance of aligning international stances to put a stop to this militia and any other terrorist groups and their supporters.

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Emirates

Mohamed bin Zayed receives King Hamad of Bahrain, discusses UAE-Bahrain relations

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ABU DHABI, 25th January, 2022 (WAM) — His Majesty King Hamad bin Isa Al Khalifa of Bahrain arrived in the UAE today on a visit to the country.

His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, received King Hamad upon his arrival at the Presidential Terminal at Abu Dhabi International Airport.

During the meeting held at Qasr Al Bahr, Sheikh Mohamed and King Hamad exchanged cordial talks that embody the depth of the deep-rooted brotherly relations between the UAE and the Kingdom of Bahrain, and ways to enhance them to drive sustainable development in their countries and achieve the aspirations of their peoples and serve their mutual interests.

His Highness Sheikh Mohamed also conveyed to King Hamad the greetings of President His Highness Sheikh Khalifa bin Zayed Al Nahyan and his sincere wishes for health and happiness, and wellbeing and prosperity to the kingdom and its brotherly people.

They also exchanged views on several Gulf, regional and international issues of mutual concern, and discussed the latest developments with regard to the terrorist attack that targeted civil areas and facilities in the UAE and the measures taken by the UAE in response to this cowardly attack, which violates all international laws and norms and human values.

His Majesty King Hamad expressed the Kingdom of Bahrain’s condemnation and denunciation of the terrorist attack carried out by the Houthi militia, stressing the Kingdom’s support for the UAE against all threats to its sovereignty, security and stability.

He also reiterated the Kingdom's solidarity with the UAE and its full support of all measures taken by the UAE to counter the Houthi militia's attacks and ensure the safety of its citizens and residents, adding that any attack on the UAE is considered an attack on Bahrain.

Furthermore, King Hamad underscored the support shown by many countries for the UAE in light of the terrorist attack, which evidences the UAE's stature in the international community. He commended the UAE's successful efforts, which contributed to the issuance of the United Nations Security Council’s unanimous decision condemning the Houthi militia's terrorist attack and affirming the UAE’s legal right to defend its sovereignty, security, stability and interests.

King Hamad also expressed his wished continued peace and security for the UAE, and extended his best wishes to President His Highness Sheikh Khalifa bin Zayed Al Nahyan His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, wishing further prosperity and progress to the UAE and its people.

The meeting was attended by H.H. Sheikh Hamdan bin Zayed Al Nahyan, Ruler's Representative in Al Dhafra Region, H.H. Sheikh Tahnoun bin Mohammed Al Nahyan, Abu Dhabi Ruler’s Representative in Al Ain Region, H.H. Sheikh Nahyan bin Zayed Al Nahyan, Chairman of the Board of Trustees of the Zayed Charitable and Humanitarian Foundation; H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs; H.H. Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, and Sheikh Sultan bin Hamdan bin Zayed Al Nahyan, UAE Ambassador to Bahrain.

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Dubai Mercantile Exchange gained oil producer confidence, consolidated its position as region’s most reliable source of oil pricing: Maktoum bin Mohammed

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DUBAI, 25th January, 2022 (WAM) — H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, affirmed that the Dubai government provided all support needed for the growth of the financial markets operating in the Emirate through developing legislatives framework and infrastructure to allow exchanges to consolidate their presence regionally and globally.

Sheikh Maktoum added that Dubai Mercantile Exchange (DME) was able to gain the confidence of major oil producers and consolidate its position as the most reliable source of oil pricing in the region.

During the meeting, Sheikh Maktoum praised the achievements of DME during the last stage, marking that the successful exchange strategy contributed in the growth of trading volume and enhanced its ability to benefit from the steady growth of crude oil trading in the Middle East and Asia regions.

H.H. Sheikh Maktoum reviewed with the DME board of directors the latest regional and global developments in the sector, especially during the rapid changes experienced by the energy market, and the great growth opportunities that it holds.

Also, Sheikh Maktoum reviewed the qualitative achievements of DME during the last period, as the number of companies using the exchange platform for physical delivery reached 60 companies, and the number of barrels of oil delivered through the DME mechanism reached 2.5 billion barrels. An equivalent of 17 billion barrels was traded, while the number of barrels of oil that are priced according to the Oman Crude Oil Futures Contract on a daily basis is 5.2 million barrels.

DME lists the Oman Crude Oil Futures Contract (DME Oman) as its flagship contract, providing the most fair and transparent crude oil benchmark for the region. DME Oman is the explicit and sole benchmark for about 170 million barrels of crude oil per month since 2018, after it was limited to pricing about 30 million barrels per month.

The meeting was attended by Ahmad Sharaf, Chairman and Dubai Holding independent rep.; Nasser Al Jashmi, Secretary-General of Oman's Ministry of Finance; Abdullah Al Harthy, Under-Secretary of Oman's Ministry of Finance, Derek Sammann, Senior Managing Director and Global Head of Commodities, Options and International Markets, CME Group, and Raid Al Salami, DME Managing Director.

DME Oman is pricing more than 170 million barrels of crude oil per month since 2018 compared to around 30 million barrel per month prior to Saudi, Kuwait and Bahrain switch. The contract is regarded as the most reliable crude oil futures price benchmark, due to the quality of Oman Blend, which represents the majority of the GCC crude oil grades.

DME is the first operator of international energy futures and commodities exchange in the Middle East. The company focuses on bringing fair and transparent price discovery and efficient risk management regulated by the U.S. Commodity Futures Trading Commission (CFTC) and is a recognised body by the Dubai Financial Services Authority (DFSA) thus, addresses the growing market need for price discovery of sour crude oil.

DME is a joint venture between Dubai Holding, Oman Investment Authority and CME Group. In addition to its core shareholders, global financial institutions and energy trading firms such as Goldman Sachs, J.P. Morgan, Morgan Stanley, Shell, and Vitol have taken equity stakes in DME, providing the exchange with a resounding vote of confidence by major players in global energy markets.

DME is located within the Dubai International Financial Centre (DIFC), a financial free zone designed to promote financial services within the UAE. DME is regulated by the Dubai Financial Services Authority and all trades executed on DME are cleared through and guaranteed by CME Clearing. CME is regulated by the U.S. Commodity Futures Trading Commission (CFTC) and is a Recognised Body by the DFSA.

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