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At the conclusion of its meetings with the Egyptian Anti-Money Laundering and Counter-Terrorist Financing Unit, the Executive Office for Combating Money Laundering and Terrorist Financing signed a memorandum of understanding to consolidate cooperation in the field of combating money laundering and terrorist financing.
The memorandum aims to advance and develop the existing cooperation between the United Arab Emirates and the Arab Republic of Egypt, especially in the areas of improving risk perception, exchanging knowledge, experiences and best practices in the field of countering money laundering and terrorist financing, in a way that enhances the response of the two countries to the common threats and risks of illegal financial activities. For the terms of the memorandum of understanding, a committee was formed consisting of representatives of both parties to undertake planning, monitoring and coordination of the implementation of the memorandum, which seeks to raise awareness and improve ways to combat money laundering and terrorist financing through holding training courses, workshops, seminars and conferences.
The MoU will allow the Egyptian AML/CFT unit to benefit from the Executive Office’s partnership with the United Nations Office on Drugs and Crime in the GCC region, to access information sharing programs and other joint initiatives.
His Excellency Hamed Al Zaabi, Director General of the Executive Office, said that the memorandum of understanding is based on the long-term coordination between the United Arab Emirates and the Arab Republic of Egypt. He pointed out that the signing of the memorandum of understanding is an additional step in the framework of bilateral meetings and achievements, which undoubtedly strengthened national and regional efforts to combat flows. illegal financial.
For his part, His Excellency Judge Ahmed Khalil, Head of the Egyptian Anti-Money Laundering and Terrorist Financing Unit, said: “The signing of the memorandum of understanding is an extension of the close Egyptian-Emirati cooperation at various levels, noting that the signing of the memorandum of understanding comes within the framework of consolidating effective cooperation between the Executive Office and the Egyptian unit. It will also have a role in enhancing the exchange of experiences through holding bilateral meetings and exchanging best practices, including the enactment and amendment of legislation, regulatory instructions, guidelines, mechanisms and procedures related to combating money laundering and related crimes, terrorism financing crimes and proliferation.
For his part, His Excellency Judge Hatem Ali, the regional representative of the United Nations Office on Drugs and Crime for the GCC states, said that the office welcomes the fruitful partnership that has extended over the past years with the Executive Office to Combat Money Laundering and Terrorist Financing in the field of developing national efforts to investigate and detect illegal financial transfers. Lawful and combating money laundering and terrorist financing, not only at the national level, but also at the regional and international levels
