Egypt and the United Arab Emirates have signed an agreement on cooperation in the context of money laundering and the financing of terrorism

Engaged in the fight against terrorism for several years, Egypt wants to accelerate reforms aimed at combating the sources of financing of terrorist organizations. From now on, Cairo wants to coordinate its actions with the UAE to improve the effectiveness of its national strategy.

Egypt and the United Arab Emirates have signed a cooperation agreement in the context of money laundering and the financing of terrorism (AML / CFT). The information was reported by the Emirati news agency WAM on February 16.

Signed by the Egyptian Anti-Money Laundering and Terrorist Financing Unit (EMLCU) and the UAE Executive Office for Combating Money Laundering and Terrorist Financing (AML/CFT), the agreement aims to strengthen the response of the two countries to shared threats and risks. It focuses on improving understanding of risks, sharing knowledge, expertise and best practices in AML/CFT.

“Sharing knowledge through the agreement will also contribute to the establishment and amendment of laws, supervisory instructions, guidance, mechanisms and procedures to enhance the effectiveness of anti-money laundering efforts. of money, the financing of terrorism”. said Mr. Khalil, President of EMLCU.

For several years, Egypt has been part of a logic of proactive fight against terrorism and all its sources of financing. The agreement signed with Abu Dhabi is part of a broader logic of diversification of Cairo’s partnerships to accelerate reforms in this direction.

According to the authorities of the two countries, a joint committee will be set up to steer the implementation of the resolutions taken within the framework of the agreement.