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business
Wednesday Sep 09 2020
By
Web Desk

UAE, Pakistan sign MoU to combat money laundering and terror financing

By
Web Desk
The MoU was signed by Ghulam Dastagir, Ambassador of Pakistan to UAE and Ali Faisal Ba’Alawi, the Acting Head of the Financial Intelligence Unit of UAE. Photo: AFP

The Financial Intelligence Unit (FIU) and the Financial Monitoring Unit of Pakistan on Wednesday signed a Memorandum of Understanding (MoU) to combat money laundering and terrorism financing.

The MoU was signed by Ghulam Dastagir, Ambassador of Pakistan to UAE and Ali Faisal Ba’Alawi, the Acting Head of the Financial Intelligence Unit of UAE.

Reacting to the development, Dastagir highlighted the importance of the exchange of information in combating money laundering and other financial crimes.

“Signing the MoU reflects the strong commitment of the Government of Pakistan to enhance cooperation with the international community on combating money laundering and financing of terrorism,” he said.

Ba’Alawi said that the MoU was reflective of "the strong and deep relations between the UAE and Pakistan".

"The MoU with the Financial Monitoring Unit of the Islamic Republic of Pakistan comes in line with the interest of the UAE in contributing effectively to the international community’s common goal to exchange financial information related to money laundering and terrorism financing crimes," he said.