Central Bank of the UAE shall establish an independent “Financial Intelligence Unit” to which suspicious transaction reports, Information on all financial institutions and designated nonfinancial businesses and professions Virtual Asset Service Providers shall be sent exclusively for consideration, analysis, and referral to the competent authorities, either automatically or upon request The Financial Intelligence Unit shall have competence over the following:

2. Requesting financial Institutions and designated nonfinancial businesses and professions. Virtual Assets Service Providers and the competent authorities to submit any information or further documentation related to received reports and information and other information deemed necessary for Financial intelligence Unit to perform its duties on schedule and in the form determined by the Unit.
    
3. Exchanging information with its counterparts in other countries, with respect to Suspicious Transactions Reports or any other information to which the Financial Intelligence Unit has exclusive access or is the exclusive recipient, whether directly or Indirectly, according to international agreements to which the State is a party or bilateral agreements signed by the Financial Intelligence Unit with its counterparts governing bilateral cooperation or conditional upon reciprocity, the financial intelligence unit may communicate to its counterparts its findings derived from the use of the information provided by its counterparts and the results of the analysis conducted based on this information. Such Information shall be used only for the purposes of combating the crime and shall not be disclosed to third parties without the Financial Intelligence Unit’s permission.
    
4. Establishing a database or a special register to record all available information and to implement data privacy and data security procedures to protect this information including procedures for handling, archiving transferring and accessing the data, and make sure that access to its premises, its database and its technology systems is restricted.
    
5. Any other competencies to be specified in the Executive Regulation attached to the present Decree-Law.