Saudi Arabia and Iraq Strengthen Financial Intelligence Cooperation
In a strategic move to enhance bilateral efforts against illicit financial activities, Saudi Arabia and Iraq have approved a Memorandum of Understanding (MoU) to intensify cooperation in combating money laundering and counter-terrorism financing. This agreement, endorsed by the Saudi Cabinet during its weekly meeting chaired by Crown Prince Mohammed bin Salman on August 27, 2024, underscores the commitment of both nations to tackle financial crimes.
The MoU facilitates the exchange of financial investigations between Saudi Arabia's General Directorate of Financial Investigation at the Presidency of State Security and Iraq's Money Laundering and Countering Financing of Terrorism Office. This partnership, initially signed on the sidelines of the Arab Forum of Anti-Corruption Agencies and Financial Intelligence Units held in Riyadh in May, brings together experts from both countries to share intelligence and expertise in anti-money laundering and counter-terrorism financing measures.
A Milestone in Regional Financial Security
Saudi Arabia, a founding member of the Middle East and North Africa Financial Action Task Force (MENA FATF) since 2004, has demonstrated significant progress in implementing global anti-money laundering and counter-terrorism financing guidelines. The Kingdom's efforts to combat monetary crimes have been bolstered by comprehensive laws and partnerships with international organizations and countries, including the Financial Action Task Force.
Enhancing Regional Stability
This MoU is a testament to the joint commitment of Saudi Arabia and Iraq to regional stability and security. By fostering a robust framework for financial intelligence sharing, both nations aim to disrupt illicit financial flows and strengthen the integrity of their financial systems.
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