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UAE’s Financial Intelligence Unit signs MoUs with both countries
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The move part of international efforts to exchange financial information and expertise
The United Arab Emirates has signed two pacts with Bangladesh and Somalia to crack down on financial crimes concerning all three countries as well as others.
Local reports said the UAE’s Financial Intelligence Unit has signed two Memoranda of Understanding (MoUs): one with the Bangladesh Financial Intelligence Unit (BFIU) and the other with the Financial Reporting Centre (FRC) of the Federal Republic of Somalia in this regard.
The reports said this is in line with international efforts to exchange financial information and expertise. The move is also expected to improve collaboration between relevant authorities and stakeholders to combat financial crimes.
Signed in accordance with the UAE’s objective of combatting money-laundering and financing of terrorism, the MoUs are also reportedly underpinned by mutually beneficial intelligence exchanges with international counterparts.
The MoUs were signed by Ali Faisal Ba’Alawi, Head of the UAE FIU, with Amina Ali, Director of the FRC of Somalia, and Abu Hena Mohammad Razee Hassan, Head of the BFIU, representing their respective jurisdictions.
The reports quoted Ali Faisal Ba’Alawi, head of the UAE FIU, as saying: “Our undertaking of these agreements with the FRC of Somalia and the Bangladesh FIU further reinstate our efforts to facilitate a robust exchange of knowledge and expertise in the areas of anti-money laundering and combating financing of terrorism, alongside leading international intelligence units. I am confident that these MoUs will allow for greater collaboration between our respective jurisdictions on best practice in financial crime prevention, ultimately contributing to the stability and security of the UAE’s economic landscape and strengthening relations between the UAE, Bangladesh and Somalia.”