The UAE Financial Intelligence Unit (UAE FIU) and Dubai’s Virtual Assets Regulatory Authority (VARA) have signed a memorandum of understanding to strengthen cooperation against financial crime involving virtual assets.
The agreement covers the exchange of relevant financial intelligence and expertise, as well as closer coordination to identify and address risks across the sector. Both organisations said information shared under the MoU will comply with applicable laws and confidentiality requirements.
The MoU was signed by Ali Faisal Ba’Alawi, Chief of the UAE FIU, and Matthew White, CEO of VARA. The two bodies said their respective roles complement each other in tackling financial crime linked to virtual assets.
VARA regulates virtual asset activity across Dubai, excluding the Dubai International Financial Centre.
Source: Fintech News UAE
