UAE, China sign MoU to combat money laundry, terrorism financing

The Financial Information Unit of the UAE’s central bank has signed a memorandum of understanding (MoU) with the China Anti-Money Laundering Monitoring and Analysis Center to share financial information to aid the combating of money laundering and terrorism financing, Arab News reports.
Per the agreement, the two authorities exchange transaction information related to their respective investigations, in accordance with the local laws and regulations applicable in both countries, the Saudi media notes citing the UAE state-run news agency WAM.
“We will continue our unremitting joint efforts to confront all suspicious activities at the regional and international levels, and we will endeavor to reduce the threats these activities pose to the stability and integrity of the global financial system,” said Ali Faisal Baalawi, head of the Financial Information Unit in the UAE. The Gulf country, according to Zhou Yunjun representing the Chinese side at the signing, has become the largest market for Chinese exports, and the second largest trading partner for China in the Arab world.

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