Interview: H.E. Faisal Yousuf Selaitin, Executive Director of Economic Security Centre of Dubai

ESCD’s Approach to Combating Crime Rests on Uncovering Systemic Vulnerabilities

Faisal Yousuf Selaitin, Executive Director of the Economic Security Centre of Dubai, talks to the World Police Summit about the center’s crucial role in safeguarding the emirate’s economic stability and combating financial and drug trafficking crimes

WPS: What is the role and function of the Economic Security Center of Dubai?

H.E. Faisal Yousuf Selaitin: Inspired by the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Economic Security Center of Dubai (ESCD) stands as a pivotal institution established under Law No. 4 of 2016, dedicated to fortifying the emirate’s economic stability. Recognizing Dubai’s significance as a global economic hub, the creation of this center underscores the proactive approach taken to safeguard its economic interests and foster sustainable growth. At the core of its mission lies the ESCD’s commitment to cultivating a stable economic environment conducive to investment and growth, while carefully addressing detrimental economic trends and illegal activities within its purview. In coordination with its vision of a ‘Sustainable Strong Secure Economy,’ the ESCD endeavors to uphold Dubai’s economic eminence, positioning it among the world’s leading economies. Moreover, the ESCD persistently supports Dubai Economic Agenda D33, initiated by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, which aims to double Dubai’s economy within a decade and solidify its status as a top global city. This alignment underscores the ESCD’s vital role in advancing Dubai’s economic ambitions. This convergence of vision and action reflects the ESCD’s unwavering dedication to advancing Dubai’s economic interests, echoing His Highness’s vision for a prosperous and sustainable future for the emirate.

Through rigorous analysis and collaboration, the ESCD identified vulnerabilities within the financial system that were exploited by drug traffickers

WPS: How does the Economic Security Center of Dubai contribute to safeguarding the Emirate’s economic stability?

H.E. Faisal Yousuf Selaitin: The role of the Economic Security Center of Dubai is paramount in safeguarding the emirate’s economic landscape against the pervasive threat of financial and economic crimes, both domestically and internationally. This unique institution serves as a guardian against activities that could destabilize markets, erode investor confidence, and tarnish Dubai’s reputation as a global economic powerhouse. By actively addressing financial irregularities and corruption, the Economic Security Center ensures a level playing field for businesses and investors, bolstering Dubai’s image as a transparent and trustworthy destination for international commerce. Moreover, its efforts to uphold regulatory compliance foster an environment conducive to sustainable economic growth and prosperity. In essence, the presence of the Economic Security Center of Dubai underscores the emirate’s commitment to maintaining robust economic integrity and fortifying its position as a premier global business hub.

WPS: What will be the Economic Security Center of Dubai’s role at the upcoming World Police Summit in addressing financial system abuse for drug trafficking?

H.E. Faisal Yousuf Selaitin: The Economic Security Center of Dubai’s participation in the World Police Summit to address the abuse of the financial system in the UAE for drug trafficking underscores its proactive approach to tackling emerging typologies of financial crime. Recognizing the serious threat posed by this illicit activity, the ESCD collaborated closely with key stakeholders such as the Financial Intelligence Unit (FIU), Central Bank, Dubai Police, and Ministry of Interior to develop comprehensive solutions. Through rigorous analysis and collaboration, the ESCD identified vulnerabilities within the financial system that were exploited by drug traffickers. By leveraging insights from various agencies and institutions, the ESCD devised targeted strategies to combat these illicit activities effectively. Furthermore, the ESCD implemented robust mitigation measures aimed at preventing future abuse of the financial system for drug trafficking purposes. These measures encompassed enhanced monitoring and surveillance techniques, strengthened regulatory frameworks, and improved coordination among law enforcement agencies. In essence, the ESCD’s involvement in addressing the abuse of the financial system for drug trafficking demonstrates its commitment to safeguarding the integrity of Dubai’s financial sector and protecting the broader society from the harms associated with illicit activities.

ESCD’s participation in the WPS to address the abuse of the financial system in the UAE for drug trafficking underscores its proactive approach in tackling emerging typologies of financial crime