Saudi cabinet approves MoU with Pakistan over money laundering

RIYADH: The Saudi government has approved signing of a memorandum of understanding (MoU) between its General Department of Financial Investigation and Pakistan’s Financial Monitoring Unit (FMU) to combat money laundering, terror financing and related offences.

This decision was taken by the Saudi cabinet, led by Crown Prince and Prime Minister Mohammed bin Salman, who chaired its session on Tuesday. According to the state-run Saudi Press Agency (SPA), the cabinet approved an MoU between the said departments of both countries “regarding cooperation in exchanging investigations related to money laundering, terrorist financing, and related crimes”.

In Pakistan, the FMU is empowered to cooperate with financial intelligence units (FIUs) of other countries and to make reciprocal arrangements to share, request and receive information relating to money laundering, predicate offences and financing of terrorism and any other information that may be necessary to accomplish the objectives of the Anti Money Laundering Act.