UAE Financial Intelligence Unit Signs MoU with the Saudi Arabia Financial Intelligence Unit to reinforce the anti-money laundry policies and the combat of financial terrorism
Abu Dhabi, UAE, 4 August 2019- The United Arab Emirates (UAE) Financial Intelligence Unit (FIU) has announced today the signing of a Memorandum of Understanding (MoU) with the Saudi Arabia Financial Intelligence Unit.
Upon their arrival, Brigadier General Otaibi Bin Khader Al Malki, Director of the FIU of KSA, and his delegation were welcomed by H.E. Mubarak Rashed Al Mansoori, Governor of Central Bank of the UAE (CBUAE) and Chairperson of the National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organizations. He was also accompanied by H.E. Saif Hadef Al Shamsi, the Deputy Governor of CBUAE and Mr. Ali Faisal Ba’Alawi, Acting Head of FIU.
A meeting was held prior to the signing to discuss the strong relationship between the UAE and KSA. The joint efforts between both countries reflects the strong ties, having undertaken a series of initiatives to combat money laundry and financial terrorism alongside the international community.
The MoU was signed by Mr. Ali Faisal Ba’Alawi, Acting Head of FIU, and Brigadier General Otaibi Bin Khader Al Malki, Director of Financial Intelligence Unit of KSA. The strategic partnership will further strengthen the cooperation between the two financial intelligence agencies. This will include the development of shared network platforms which will allow for enhanced knowledge sharing between the two agencies. The data shared will support both entities in the ongoing battle against money laundering, financial terrorism.