The UAE Central Bank and Dubai Police have signed a preliminary agreement to enhance co-operation on information exchange relating to<a href="https://www.thenationalnews.com/uae/2023/04/27/uae-issues-more-than-dh115-million-in-fines-in-q1-of-2023-to-combat-money-laundering/" target="_blank"> financial crimes </a>to achieve strategic common goals. The pact includes strengthening co-ordination in various areas, including facilitating information exchange related to<a href="https://www.thenationalnews.com/business/economy/2023/07/06/uae-has-taken-significant-steps-to-tackle-money-laundering-and-financial-crimes/" target="_blank"> financial crimes and suspicious cases</a>, joint efforts to detect complex money-laundering plans and monitoring suspicious financial activities, a joint statement on Thursday said. They will also conduct joint inspections, run awareness campaigns on emerging patterns of financial crimes and co-operate in training and technical support for both parties. “Our strategy in combating money laundering, financing of terrorism and financial crimes is based on the participation and collaboration with all national competent authorities, including the Dubai Police," said Khaled Balama, governor of the UAE Central Bank and chairman of the National Committee for Combating Money Laundering and Financing of Terrorism and Illegal Organisations. This pact "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", he said. The UAE has taken "significant steps" to <a href="https://www.thenationalnews.com/uae/2023/05/23/uae-issues-fines-of-more-than-dh115-million-in-fight-against-money-laundering/">tackle money laundering </a>and financial crimes and these efforts are "yielding fruitful results", Mr Balama said earlier this month. The regulator is developing new systems and standards, such as supervisory and regulatory technology, to "fortify our operations and bolster the resilience of our financial system", he said. The latest accord is part of the country’s strategic plans to activate joint co-operation mechanisms to enhance information exchange on cases related to money-laundering crimes, said Maj Gen Abdullah Khalifa Al Marri, Commander in Chief of Dubai Police. “The UAE has made great efforts in combating money laundering and is continuing to do so. Within this framework, the efforts of all concerned government entities have joined forces to consolidate their capabilities in combating financial crimes." The pact "is a step forward in the joint efforts to enhance capabilities to combat this type of crime and by working closely together, we can be more effective in protecting and protecting the integrity of the financial system", he added.