The UAE Financial Intelligence Unit (UAE FIU) and the Virtual Assets Regulatory Authority (VARA) have signed an MoU to strengthen cooperation in combating financial crime involving virtual assets.

Under the agreement, both bodies will share relevant financial intelligence and expertise. They will also work more closely to detect and address risks in the sector.

Ali Faisal Ba’Alawi, Chief of the UAE FIU, signed the MoU with Matthew White, Chief Executive Officer of VARA.

All information shared under the MoU must follow applicable laws and confidentiality rules.

VARA oversees virtual asset activity across Dubai, except in the Dubai International Financial Centre (DIFC).

According to the two bodies, their roles in tackling financial crime in the virtual assets sector complement each other.

“Our collaboration with VARA strengthens our collective ability to detect and analyse suspicious activity and understand emerging typologies and risks associated with virtual assets, helping to strengthen and safeguard the integrity of the UAE’s financial system,”

said Ali Faisal Ba’Alawi, Chief of the UAE Financial Intelligence Unit.

“Continued cooperation between regulators, the UAE FIU, law-enforcement bodies and industry is essential to achieving our objectives,”

said Matthew White, Chief Executive Officer of VARA.

Featured image: Edited by Fintech News UAE, based on image by UAE Financial Intelligence Unit via its Press Release.