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Monday, Mar 27, 2023

UAE, Egypt to boost cooperation in anti-money laundering, counterterrorism financing

UAE, Egypt to boost cooperation in anti-money laundering, counterterrorism financing

The Executive Office of Anti-Money Laundering and Counter Terrorism Financing in the UAE has signed a memorandum of understanding with the Egyptian Money Laundering and Terrorist Financing Combating Unit, the Emirates News Agency reported on Thursday.
The memorandum aims to expand collaboration between the UAE and Egypt, particularly in risk understanding and the exchange of knowledge, expertise, and practices in the fields of anti-money laundering and counterterrorism financing, to strengthen both countries’ responses to shared threats and risks.

The agreement also aims to raise awareness and improve domestic and regional understanding through training courses, workshops, seminars, and conferences.

Hamid Al Zaabi, director general at the UAE office, said: “The signing of the memorandum is yet another step in a long series of bilateral meetings and achievements that have undoubtedly strengthened national and regional efforts to counter illicit financial flows.

“I would like to thank our Egyptian partners for hosting a productive meeting and for sharing a valuable update on tactics, typologies, and the latest developments.

“The signing of the memorandum formalizes the exchange of knowledge, experience, and expertise in the areas of combating money laundering, the financing of terrorism, and financing the proliferation of weapons of mass destruction.

“By strengthening our cooperation in the fight against financial crime, we protect our national economies and international financial systems.”

Ahmed Khalil, the chairman of the Egyptian unit, said: “We have cooperated closely for the past five decades, a milestone that we celebrated last October on the occasion of the 50th anniversary of the establishment of Egypt-UAE relations.

“Ultimately, the bilateral partnership between our countries is based on the pursuit of shared interests.

“The memorandum will also play a role in encouraging the sharing of experiences through bilateral meetings and the exchange of best practices, including the establishment and amendment of laws, supervisory instructions, guidance mechanisms, and procedures to enhance the effectiveness of both parties in relation to combating money laundering and related predicate offenses, terrorism financing, and proliferation financing.”

Under the terms of the agreement, a committee of representatives from both parties was formed to coordinate the implementation of the memorandum.

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