UAE Financial Intelligence Unit and VARA Dubai to cooperate on virtual crime
The UAE Financial Intelligence Unit (UAE FIU) and the Virtual Assets Regulatory Authority (VARA) have agreed to strengthen their coordination to fight financial crime in the virtual assets, crypto space.
The MOU which was signed last week, provides a framework to strengthen coordination and the exchange of relevant expertise and financial intelligence between both entities. This would of course be within the applicable legislation and confidentiality requirements.
Mr Ali Faisal Ba’Alawi, Chief of the UAE Financial Intelligence Unit, noted that with rapid technological advances and cross border nature of financial crime, cooperation and information exchange is essential to addressing emerging risks. He states, “Our collaboration with VARA strengthens our collective ability to detect and analyse suspicious activity and understand emerging typologies and risks associated with virtual assets, helping to strengthen and safeguard the integrity of the UAE’s financial system.”
The MoU supports national efforts to combat financial crime and enhance the security and integrity of the financial system, keeping pace with rapid developments in the virtual assets sector within a secure and responsible environment.
Matthew White, Chief Executive Officer of VARA, added “Effective regulation depends on the ability to connect supervisory insight with high-quality financial intelligence. This MoU consolidates and strengthens the collaboration already in place between VARA and the UAE FIU, reinforcing the channels through which we share expertise, identify emerging risks and support coordinated action against illicit activity. Continued cooperation between regulators, the UAE FIU, law-enforcement bodies and industry is essential to achieving our objectives.”
In June 2026, the UAE Financial Intelligence unit appointed Abdulla AlSuwaidi, as Director of Virtual assets Intelligence. AlSuwaidi has more than 15 years of experience in the financial crime investigations space covering AML/CTF strategy.
Recently The UAE Financial Intelligence Unit made goAML as part of its infrastructure for virtual assets. It describes goAML as the platform through which reporting entities submit STRs when they suspect money laundering, terrorism financing or related financial crime. The FIU then reviews and analyses those reports, seeks further information where needed, and shares intelligence with local and international counterparts.
VASPs operating under the country’s multi-regulator framework—spanning bodies such as VARA, the FSRA, the DFSA, the SCA and the Central Bank are expected to identify suspicious activity, document the relevant context and submit reports that can be analyzed beyond the individual transaction.
