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Deloitte's Financial Crime Symposium examines regulatory changes and addresses emerging risks in the Middle East

Dubai, United Arab Emirates – 30 March 2023: Deloitte hosted the sixth annual Financial Crime Symposium in Dubai, attended by key stakeholders across the financial services industry, including representatives of law enforcement, regulatory bodies, financial institutions and industry leaders.

The symposium provided a vibrant forum for global experts who engaged in panel discussions covering the latest regulatory developments and emerging trends. This included topics such as the illegal wildlife trafficking, the evolving challenges facing payments systems, insurance trends, global regulatory changes, political developments, as well as the banking and designated non-financial businesses and professions (DNFBPs).

“The conference provided valuable insights as financial crime continues to pose a significant challenge both regionally and globally. The panel covering the evolving nature of the challenges facing payment systems was particularly interesting, as it highlighted the importance of being a step ahead of illicit activity. Therefore, financial institutions must embed effective programs to work hand in hand with peers, regulators, advisors and law enforcement to tackle these issues,” said Muzammil Ebrahim, Deloitte Middle East Financial Crime & Data Analytics Leader.

The symposium highlighted current trends in combatting financial crime which depend on advanced technologies, such as artificial intelligence and machine learning. The discussions covered the need for collaboration between the public and private sectors to implement robust enforcement mechanisms and ensure compliance with regulations. Additionally, the conference discussed the impact of illegal wildlife trafficking, a reportedly multi-billion dollar industry that threatens the survival of endangered species.

Michael Shepard, Deloitte’s Global Financial Crime Leader, commented, “The Financial Crime Symposium was a truly insightful experience exploring topics on the emerging trends in the industry relating to illegal wildlife trafficking. By implementing effective controls, financial flows that help sustain illegal wildlife trafficking networks can be disrupted. Anti-financial crime efforts can make the world a safer place for all.”

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About Deloitte & Touche (M.E.) LLP:

Deloitte & Touche (M.E.) LLP (“DME”) is the affiliate for the territories of the Middle East and Cyprus of Deloitte NSE LLP (“NSE”), a UK limited liability partnership and member firm of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”).

DME is a leading professional services firm established in the Middle East region with uninterrupted presence since 1926. DME’s presence in the Middle East region is established through its affiliated independent legal entities, which are licensed to operate and to provide services under the applicable laws and regulations of the relevant country. DME’s affiliates and related entities cannot oblige each other and/or DME, and when providing services, each affiliate and related entity engages directly and independently with its own clients and shall only be liable for its own acts or omissions and not those of any other affiliate.DME provides audit and assurance, consulting, financial advisory, risk advisory and tax, services through 29 offices in 15 countries with more than 5,900 partners, directors and staff. 

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