UAE, Egypt sign MoU to support fight against money laundering, terrorism financing

UAE, Egypt sign MoU to support fight against money laundering, terrorism financing

The Executive Office of Anti-Money Laundering and Counter-Terrorism Financing (EO AML/CTF) recently signed a memorandum of understanding (MoU) with the Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU). The agreement aims to further develop the existing collaboration between the UAE and Egypt, particularly in the enhancement of risk understanding and the exchange of knowledge, expertise, and best practices in the field of AML/CTF, according to the state news agency, . Hamid AlZaabi, director general of the EO AML/CTF, said, “The signing of the MoU is yet another step in a long series of bilateral meetings and achievements that have undoubtedly strengthened national and regional efforts to counter illicit financial flows. “The signing of the MoU formalises the exchange of knowledge, experience, and expertise in the areas of combating money laundering, financing of terrorism, and financing the proliferation of weapons of mass destruction. By strengthening our cooperation in the fight against financial crime, we protect our national economies and international financial systems.” Judge Ahmed Khalil, Chairman of the EMLCU, said: “We have cooperated closely for the past five decades, a milestone that we celebrated last October on the occasion of the 50th anniversary of the establishment of Egypt-UAE relations. “The