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«Banking Institutions»: Financial crimes in the UAE are among the least in the world

2019-09-18T22:10:27.791Z

The Group of Financial Institutions and Financial Transfers said that the rate of financial crimes in the UAE is the lowest in the world, under the strict measures taken by companies and banks, stressing that cybercrime is most of the time imported and carried out by people


The Group of Financial Institutions and Financial Transfers said that the rate of financial crimes in the UAE is the lowest in the world, under the strict measures taken by companies and banks, stressing that cybercrime is most of the time imported and carried out by people outside the country.

In a statement on the sidelines of the signing of an agreement with Dubai Police to combat financial crimes, the group stressed that the country has a well-established infrastructure in the banking and financial transfers sector.

agreement

In detail, the Banking and Financial Institutions Group signed an agreement yesterday with Dubai Police to combat financial crimes in the banking sector and enhance security in the UAE's diverse financial services sector.

The agreement was signed by the Chairman of the Group, Mohammed Ali Al Ansari, and the Head of the Criminal Investigation Department at Dubai Police, Major General Khalil Ibrahim Mohammed Al Mansouri, in the presence of the Director of Criminal Investigation Department at the General Department of Criminal Investigation and Investigation, Colonel Adel Al Joker, and the Vice Chairman of the Board of Directors »Osama Al-Rahma.

According to the agreement announced at a press conference yesterday, Dubai Police will work in coordination with the Banking Institutions Group on the security level to combat financial crimes. The two parties will develop activities and programs to raise awareness among all exchange companies that are members of the Group.

Strict measures

Al Ansari told Emirates Today that the rate of financial crimes in the UAE is the lowest in the world, in light of the strict measures taken by companies and banks, both in terms of transfers and opening accounts in banks.

He explained that cybercrime is often imported and is carried out by people outside the UAE, because the UAE environment is not encouraging the crime. He added: «There can be cooperation from individuals at home, but financial crime does not start from within the state, it is imported in most cases».

Al Ansari stressed that the state has a well-established infrastructure in the banking and financial transfers sector, pointing out that the group of banking institutions organizes regular training programs for members of the group of exchange companies.

A sense of security

Al Rahma said that there are joint courses offered by Dubai Police for the benefit of exchange companies for all branches and divisions, as well as efforts to develop the quality of efforts to exchange information to combat cybercrime.

He pointed out that «the result of cooperation with the Dubai police, to create a sense of security for all employees of exchange companies, and this came thanks to the efforts made by the General Directorate of Criminal Investigation Research in training staff, to detect crime before it occurs».

Al Rahma said there are two specialized cybersecurity centers in the UAE, one in Dubai and the other in Abu Dhabi.He pointed out that the two centers provide cyber protection to the UAE, while giving direct instructions to the banking and financial sectors in case of any direct attacks.

The use of technology was an inevitable means in the financial sector, but at the same time it must take into account the existence of cybersecurity and the presence of specialists, and the systems and policies that combat cybercrime.

Partnerships

Colonel Adel Al-Joker, director of the Criminal Investigation Department at the General Department of Criminal Investigations and Investigations, said that combating financial crimes requires that there be partnerships with different entities, whether private ones such as investment entities in the country, or those dealing with them.

Source: emara

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