DUBAI // An electronic link connecting the Central Bank and Dubai Police will speed up money-laundering investigations.
The move is one of a number of new means of cooperation outlined in a memorandum of understanding between the parties, signed at police headquarters yesterday.
Sultan al Suwaidi, the Central Bank Governor, said the accord would create the foundation for a more efficient exchange of information.
The agreement requires that Dubai Police inform the Central Bank's anti-money laundering and suspicious cases unit of the seizure of any suspicious funds.
It also outlines the need for both parties to keep information confidential.
"The aim of this link is to facilitate the exchange of information, which is essential in following up on these cases without altering the confidentiality of information," said Abdulrahim al Awadi, the head of the anti-money laundering unit at the Central Bank.
The link is expected to go into operation immediately, according to Mr al Awadi. It is the second such line of communication after the Central Bank set up a similar connection with Sharjah Police earlier this month.
The country's efforts to combat money laundering are strong and have paid dividends, said Lt Gen Dahi Khalfan Tamim, the Dubai police chief.
"Our effort in this field is clear, and through efforts such as this, we tell those who think they could carry out such crimes in our country to stop and seek other places," he said.
"In the UAE, there is a comprehensive system in place to combat such crimes. Today, no one can carry out any financial transaction without having it documented."
Dubai Police's organised crime unit has investigated 16 money-laundering cases so far this year, an increase of more than 40 per cent compared with the same period last year.
"The increase is due to the intensified efforts and the effectiveness of the organised crime department," said Brig Khalil al Mansouri, who heads the Dubai Police Criminal Investigation Department, which includes the anti-money laundering unit.