Pakistan has signed an agreement with the UAE to fight against money laundering and terror financing. Under the memorandum of understanding (MoU), Pakistan’s Financial Monitoring Unit and the UAE’s Financial Intelligence Unit (FIU) would enhance cooperation by exchanging information. The MoU was signed by Pakistani Ambassador to the UAE Ghulam Dastagir and Ali Faisal Ba’Alawi, the acting chief of the UAE’s FIU, reported The Express Tribune. According to Dastagir, the sharing of data between the two countries would help them curb money laundering and other financial crimes. “Signing the MoU reflects the strong commitment of the Government of Pakistan to enhance cooperation with the international community on combating money laundering and financing of terrorism,” said Dastgir.
“The MoU with the Financial Monitoring Unit of the Islamic Republic of Pakistan comes in line with the interest of the UAE in contributing effectively to the international community’s common goal to exchange financial information related to money laundering and terrorism financing crimes. This MoU also reflects the strong and deep relations between the UAE and Pakistan,” concurred Ali Faisal Ba’Alawi, Acting Head of the Financial Intelligence Unit for the UAE.
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Dastagir added that the MoU with Pakistan’s Financial Monitoring Unit was in line with the interest of the UAE in contributing effectively to the international community’s common goal to exchange financial information related to money laundering and terrorism financing crimes. The Financial Action Task Force (FATF) put Pakistan on its grey list in June last year. Pakistan had to meet its 27-point action plan to escape getting blacklisted as a non-compliant nation, which was further extended due to the coronavirus pandemic. The global body’s joint group is expected to meet this month to review Pakistan’s case before it is placed in front of the FATF plenary, which is likely to take place in October.
