The UAE Executive Office for Combating Money Laundering and Terrorist Financing has taken a significant step in improving collaboration with the National Financial Information Authority in Morocco to combat financial crimes.
The two entities signed a memorandum of understanding during the MENAFATF 2023 Applications Workshop, where representatives from 21 countries gathered to share knowledge and best practices.
The memorandum of understanding focuses on enhancing bilateral cooperation between the UAE and Morocco in fighting money laundering, financing terrorism, and financing proliferation. Hamed Al Zaabi, Director General of the Executive Office, believes that the agreement will further strengthen the joint efforts of the two countries.
The partnership will focus on capacity building, awareness raising, and information sharing to improve regional and local understanding of financial crime risks.
The agreement aims to create a more favorable environment for trade and investment between the two countries and beyond, which will have a positive impact on the global economy.
The memorandum will establish a framework for cooperation, including the formation of a joint committee to monitor and implement the provisions of the memorandum, coordinate and supervise various activities, and facilitate consultation between the two parties. Dr. Jawhar Al Nafisi, Chairman of the National Authority for Financial Information in Morocco, praised the agreement for giving the partnership an institutional character that achieves more organization, flexibility, and sustainability, in a way that embodies a convergence of wills.
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