Ministry of Economy participates in 7th Mena RegTech Conference to explore ways to enhance role of modern technologies in combating money laundering

The Ministry of Economy (MoEc), represented by the Anti-Money Laundering Department, took part in the seventh edition of the MENA RegTech Conference, an event dedicated to exploring the innovative applications of regulatory technology in MENA. The event was hosted by Abu Dhabi under the theme “Unleashing Innovation: The UAEs’ commitment to addressing regulatory compliance challenges.” MoEc participated as a government partner supporting the conference in collaboration with the AML/CFT Executive Office and in the presence of various compliance technology solution providers.

MoEc’s participation in the conference forms part of the national strategy to combat money laundering and terrorism financing, and to support and promote discussions on the role of technology, innovation, and technical methods in AML and addressing the challenges to achieving the highest compliance levels in financial and non-financial sectors within the country. The conference was attended by representatives from various regulatory bodies, to learn about the latest technologies and procedures used to ensure the highest levels of compliance with regulatory standards.

Safeya Al-Safi, Director of the Anti-Money Laundering Department at the Ministry of Economy, emphasized that the UAE, under the directives of its wise leadership, takes a strong stance against money laundering crimes and terrorism financing. This approach aims to uphold the country’s leading position in the global economy.

During her participation in the conference, Al Safi discussed the advanced and efficient system established by the UAE government to combat all money laundering crimes, especially in Designated Non-Financial Businesses and Professions (DNFBP), including real estate brokers, precious metal traders, independent accountants and auditors, and corporate service providers.

Al-Safi confirmed that the UAE has implemented advanced and innovative legislative and policy frameworks to strengthen its ability to combat money laundering, terrorism financing, and all financial crimes in its markets. This has led to higher compliance levels with the country’s laws, in alignment with global efforts to combat money laundering and terrorism financing, and the standards set by the Financial Action Task Force (FATF).

The MENA Regtech Conference covered several key topics including the implementation of a risk-based approach to virtual assets, measures to combat money laundering and terrorism financing, and regulation of DNFBPs.

The REGTECH conference for the Middle East and North Africa region is one of the most significant events focused on showcasing the latest regulatory technology applications designed to combat money laundering and terrorism financing. The event targets companies in the financial and technology sectors, including banking services, insurance, tax auditing, real estate, healthcare, hospitality, and travel and brings together experts, government officials, tech service providers, and financial institutions.