Saudi Arabia, Pakistan Sign MoU on financial crime cooperation highlighting the strengthening of bilateral ties.
Saudi Arabia’s cabinet, led by Crown Prince and Prime Minister Mohammed bin Salman, has approved a Memorandum of Understanding (MoU) with Pakistan’s Financial Monitoring Unit (FMU) to strengthen collaboration in tackling money laundering, terrorist financing, and related financial crimes. The decision was made during a cabinet session on Tuesday, as reported by the Saudi Press Agency (SPA).
The agreement, signed between Saudi Arabia’s General Department of Financial Investigation and Pakistan’s FMU, aims to improve cooperation in investigating financial crimes. Pakistan’s FMU operates under the Anti-Money Laundering Act of 2010, collaborating with international financial intelligence units to analyze and share information on suspicious transactions.
Saudi Arabia has been a key supporter of Pakistan’s financial stability, providing deposits to the State Bank of Pakistan and offering deferred oil payment facilities. The agreement highlights the deepening strategic ties between the two nations, reinforced by a significant Pakistani diaspora and business presence in Saudi Arabia.
Additionally, the Saudi cabinet emphasized the Kingdom’s role in global efforts to combat financial crimes and extremism, citing its hosting of the INTERPOL Regional Bureau as a testament to its commitment to international security.
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