UAE, Morocco enhance cooperation in combatting money laundering, terrorism financing

UAE, Morocco enhance cooperation in combatting money laundering, terrorism financing

ABU DHABI, 7th March, 2023 (WAM) -- The Executive Office of Anti-Money Laundering and Counter Terrorism Financing (EO AML/CTF) has signed a Memorandum of Understanding with Morocco's National Financial Intelligence Authority (ANRF) to enhance cooperation in combatting money laundering, terrorism financing and proliferation financing.

The MoU is part of the UAE's regional coordination approach and was signed on the sidelines of the 2023 MENAFATF Typologies workshop in Abu Dhabi, where delegations from 21 MENA countries convened for the organisation's annual event to share knowledge and best practices.

Hamid Al Zaabi, Director-General of the EO AML/CTF, stated that the MoU marks a significant step forward in both nations' efforts to lead the fight against financial crime in the region.

He explained, "The UAE and Morocco are not only important economic partners, but also global business hubs connecting the Middle East, Europe, Africa, and Asia. By enhancing our cooperation in combatting illicit financial flows, we are creating greater economic security and a more favourable environment for trade and investment that benefits the global economy.

"The MoU builds on longstanding and strong coordination between our countries, and through it, we will enhance our abilities to identify mutual threats and risks through various areas of cooperation, facilitate communication