Economic Security Centre of Dubai unveils new website
The Economic Security Centre of Dubai unveiled a new website as it pushes to raise public awareness about economic threats.
Sheikh Maktoum bin Mohammed, Deputy Ruler of Dubai and First Deputy Chairman of Dubai’s Executive Council, launched the new website yesterday.
He said the emirate’s advanced information technology infrastructure would help to sustain economic growth, hasten digital transformation and enhance the government’s performance.
The centre was established in 2016 to nurture a stable economic environment in the emirate by combating illegal activities. It has developed a system to pre-empt potential economic threats and devise solutions to deal with challenges.
The UAE has stepped up efforts to deal with financial crime and money laundering. It formed the Executive Office of Anti-Money Laundering and Counter Terrorism Financing in February to protect the integrity of its financial system.
It will help combat money launderers, entities and people suspected of financing terrorists and organised crime.
The Ministry of Economy set up an anti-money laundering department in November while a court was established in Abu Dhabi to tackle money laundering and tax evasion.
The UAE Central Bank also instructed all hawala agents – informal money transfer service providers – to register with the regulator to strengthen the oversight of money transfers.
The ESCD expects its new website to enhance engagement with the community and various government departments.
The website also has a platform to raise public awareness about economic threats and another to receive suggestions and exchange ideas on the development of economic and financial laws.
The centre works to support Dubai’s financial stability, ensure the adoption of international best practice and enhance the confidence of investors and financial institutions operating in the emirate.
Chairman Talal Belhoul said the centre’s main role is to “ensure a stable economic environment and develop strategic plans, policies and initiatives to promote sustainable economic growth”.
The organisation has also played a significant role in mitigating the economic impact of Covid-19, working closely with its strategic partners, he said.
Faisal Selaitin, executive director at the centre, said effective and proactive communication with community and businesses would help to combat financial malpractice and illegal activities.