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, WAM.

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.”

Building closer ties

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 MoU will also play a role in encouraging the sharing of experiences through bilateral meetings and the exchange of best practices, including the establishment and amendment of laws, supervisory instructions, guidance, mechanisms, and procedures to enhance the effectiveness of both parties in relation to combating money laundering and related predicate offenses, terrorism financing, and proliferation financing.”

Judge Hatem Aly, regional representative of the United Nations Office on Drugs and Crime (UNODC) in the Gulf Cooperation Council region, said that the UNODC welcomes the fruitful partnership that has expanded in recent years with the EO AML/CTF. It has developed national efforts to investigate and detect illegal financial transfers and combat money laundering and terrorist financing on the national, regional, and international levels, WAM reported.

Raising awareness of money laundering and terrorism financing

A committee consisting of representatives from both parties has been formed to coordinate the implementation of the MoU. Training courses, workshops, seminars, and conferences to raise awareness and improve domestic and regional understanding of AML/CTF will also be convened.

The agreement will also enable EMLCU to leverage the EO AML/CTF’s partnership with the UNODC in the GCC region by providing access to information-sharing programmes and other inter-agency initiatives, WAM reported.

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