Sharjah: His Highness Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah and Chairman of the Judicial Council, witnessed the signing of a Memorandum of Understanding between the Judicial Department and the Central Bank of the United Arab Emirates (CBUAE).

The MoU signing ceremony took place at His Highness Sheikh Sultan bin Ahmed’s office at the University of Sharjah, and it was signed, at the presence of Khaled Mohamed Balama, Governor of the Central Bank of the UAE, by Judge Dr Mohammed Obaid Al Kaabi, Head of the Judicial Department, and Fatima Abdullah Al Jabri, Assistant Governor of the CBUAE for the Financial Crimes, Market Conduct and Consumer Protection Sector.

The MoU signing aims to bolster cooperation between the two parties to implement judicial rulings and decisions related to the bank’s competencies more efficiently and quickly. The agreement also seeks to benefit from successful experiences in the field of electronic linking, automation, and the acceleration of the implementation of judicial rulings issued using artificial intelligence technologies, to enhance the efficiency and accuracy of interaction between judicial authorities and financial institutions, which would serve the public interest and improve the quality of services offered.

The agreement includes forming a joint action plan to identify and address challenges and propose solutions, in addition to coming up with advanced mechanisms for electronic linking, employing artificial intelligence tools, and shortening administrative and technical procedures. These measurements will enhance the swift and effective implementation of judgments, orders, and decisions issued by the courts and prosecutions of the Emirate of Sharjah, while aligning procedures with the approved judicial systems and developing effective communication channels to address the relevant technical and technological aspects.

The MoU also outlines enhancing the exchange of experiences, knowledge, and professional visits between both parties, benefiting from the bank’s expertise in the areas of financial crimes, anti-money laundering and monetary and banking developments through specialised training programs and workshops for judges and members of the Public Prosecution.