UAE, Egypt to boost cooperation in anti-money laundering, counterterrorism financing

UAE, Egypt to boost cooperation in anti-money laundering, counterterrorism financing

CAIRO: The Executive Office of Anti-Money Laundering and Counter Terrorism Financing in the UAE has signed a memorandum of understanding with the Egyptian Money Laundering and Terrorist Financing Combating Unit, the Emirates News Agency reported on Thursday. The memorandum aims to expand collaboration between the UAE and Egypt, particularly in risk understanding and the exchange of knowledge, expertise, and practices in the fields of anti-money laundering and counterterrorism financing, to strengthen both countries’ responses to shared threats and risks. The agreement also aims to raise awareness and improve domestic and regional understanding through training courses, workshops, seminars, and conferences. Hamid Al Zaabi, director general at the UAE office, said: “The signing of the memorandum 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. “I would like to thank our Egyptian partners for hosting a productive meeting and for sharing a valuable update on tactics, typologies, and the latest developments. “The signing of the memorandum formalizes the exchange of knowledge, experience, and expertise in the areas of combating money laundering, the financing of terrorism, and financing the proliferation of weapons of mass destruction. “By