ABU DHABI, The UAE's Financial Intelligence Unit (FIU) has announced today the signing of a Memorandum of Understanding (MoU) with the Saudi Arabia Financial Intelligence Unit.

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 and financial terrorism.

The MoU was signed by Ali Faisal Ba'Alawi, Acting Head of FIU, and Brigadier General Otaibi Bin Khader Al Malki, Director of Financial Intelligence Unit of KSA.

Upon their arrival, Brigadier General Otaibi Bin Khader Al Malki, Director of the FIU of KSA, and his delegation were welcomed by 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 Organisations. He was also accompanied by 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.

Source: Emirates News Agency