Islamabad: The Financial Intelligence Unit (FIU) of the United Arab Emirates (UAE) has signed a Memorandum of Understanding (MoU) with the Financial Monitoring Unit (FMU) of Pakistan to curb all instances of money laundering and terror financing – in line with the Financial Action Task Force (FATF) conditions, according to a news source published on September 11.
Ambassador of Pakistan to UAE H E Ghulam Dastgir said that the agreement also meets the country’s requirement to fulfil the Financial Action Task Force (FATF) conditions on money laundering and other monetary crimes. He added that with this MoU, both the countries will share financial information and expertise through bound parameters and institutions. The MoU will also lay the foundation for the two countries to collaborate with authorities and stakeholders concerned, and curb financial crimes.
The said agreement was inked by Dastgir and UAE FIU Acting Head Ali Faisal Ba’Alawi, on behalf of their respective countries. Reportedly, the FATF has given Pakistan time to meet the remaining 13 – out of the total 27 – actions that will resolve ‘strategic deficiencies’ related to financial crimes.
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