Saudi Arabia and Kuwait have solidified their commitment to combating money laundering and terrorism financing. They recently signed a Memorandum of Understanding (MoU), strengthening regional financial security.
This crucial agreement, between Saudi Arabia's General Department of Financial Investigations and Kuwait's Financial Intelligence Unit, was inked during the Gulf Cooperation Council (GCC) Committee of Financial Intelligence Units meeting in Kuwait. It marks a significant step towards a unified front against financial crime.
The MoU aims to enhance intelligence sharing and operational coordination between both nations. This collaboration is expected to considerably boost the region's financial crime prevention, aligning with international standards and fortifying joint mechanisms among GCC financial intelligence units.
This signing follows a virtual workshop in March by the National Center for Non-Profit Sector Development, which focused on preventing illicit financial activities within non-profit organizations. This underscores a comprehensive approach to financial security.
Beyond financial security, the agreement highlights robust economic ties between Saudi Arabia and Kuwait. In February, Kuwaiti exports to Saudi Arabia saw a notable 19.6% increase, reaching SR137 million ($36.5 million).
Saudi Arabia continues to prioritize combating money laundering as a national objective. This new MoU reinforces its comprehensive legal and regulatory framework designed to safeguard its financial system from illicit funding and terrorism financing.
Source: https://www.arabnews.com/node/2605407/business-economy