Saudi cabinet approves memorandum of understanding with Pakistan to combat financial crimes
ISLAMABAD: Saudi Arabia's cabinet, chaired by Crown Prince Mohammed bin Salman, has approved a memorandum of understanding (MoU) with Pakistan's Financial Monitoring Unit (FMU) to enhance cooperation in combating money laundering, terrorist financing and related crimes, the Saudi Press Agency reported this week.
Pakistan has faced significant challenges with money laundering and terrorist financing in recent years, leading to its placement on the Financial Action Task Force's (FATF) grey list in June 2018.
After implementing comprehensive reforms to strengthen its financial system, the country was removed from the grey list in October 2022.
The FMU, established under the Anti-Money Laundering Act of 2010, serves as Pakistan's financial intelligence unit, responsible for analyzing suspicious transaction reports and coordinating with international counterparts.
'[The cabinet approved] a memorandum of understanding between the General Department of Financial Investigation at the Presidency of State Security in the Kingdom of Saudi Arabia and the Financial Monitoring Unit in the Islamic Republic of Pakistan regarding cooperation in exchanging investigations related to money laundering, terrorist financing, and related crimes,' the SPA reported.
The MoU signifies the deepening strategic relations between Saudi Arabia and Pakistan. A significant Pakistani diaspora resides in the Kingdom, and numerous Pakistani businesses have established a presence there.
Saudi Arabia has been a key supporter of Pakistan's economy, bolstering its reserves with substantial deposits in the State Bank of Pakistan and offering deferred oil payment facilities.
The Saudi cabinet also highlighted the Kingdom's hosting of the INTERPOL Regional Bureau as a significant step, saying it underscored international recognition of the Kingdom's pivotal role in combating extremism and other crime in their different forms.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Saudi Gazette
2 hours ago
- Saudi Gazette
Saudi Arabia to host second WTO regional trade policy course in 2025
Saudi Gazette report RIYADH — The General Authority for Foreign Trade (GAFT) held a virtual meeting with the World Trade Organization (WTO) to discuss preparations for the second edition of the Regional Trade Policy Course (RTPC), scheduled to take place in the Kingdom in 2025. Deputy Governor for Shared Services Nasser Al-Dughaither, represented GAFT in the meeting. The meeting, included GAFT's Director General of Human Resources Hamoud Al-Malki and Director of Talent and Development Badr Al-Ajlan, focused on enhancing cooperation to organize the RTPC, improving the course's quality and outcomes, and developing specialized workshops for stakeholders involved in trade negotiations. These efforts aim to deepen participants' understanding of WTO agreements, rules, and procedures. Al-Dughaither emphasized that Saudi Arabia's three-year hosting of the RTPC reflects its global economic leadership, particularly in the Middle East, and aligns with national goals to empower regional trade policymakers and elevate their capacity to meet international trade standards. He expressed optimism about the upcoming edition, building on the success of the previous course, which featured robust scientific content and active participant engagement. The first edition of the RTPC was hosted in Saudi Arabia from October 13 to December 5, 2024, in partnership with King Saud University and the WTO. It saw participation from around 25 government officials representing nine countries, along with 12 Saudi government entities, covering over 24 training topics.
Saudi Gazette
2 hours ago
- Saudi Gazette
Saudi, Syrian ministers discuss expanding investment cooperation
Saudi Gazette report RIYADH — Saudi Minister of Investment Eng. Khalid Al-Falih held a virtual meeting on Wednesday with Syrian Minister of Economy and Industry Dr. Mohammad Nidal Al-Shaar to discuss prospects for investment cooperation between the two countries and explore promising opportunities in the Syrian market. The meeting addressed potential public-private partnerships and ways to boost strategic investments across key productive and service sectors, with the aim of supporting economic development and fostering new avenues of regional integration. Minister Al-Falih stressed the importance of creating an enabling environment for expanding regional investment partnerships, reaffirming Saudi Arabia's commitment to supporting Syria's economic stability and growth in a manner that serves mutual interests and promotes broader regional prosperity.
Leaders
2 hours ago
- Leaders
Saudi Arabia, Syria Explore Investment Cooperation
Saudi Arabia and Syria have explored avenues for investment cooperation in both countries, reported the Saudi Press Agency (SPA). On Wednesday, the Saudi Minister of Investment, Khalid Al-Falih, held a virtual meeting with the Syrian Minister of Economy and Industry, Mohammad Nidal al-Shaar, to discuss avenues for joint investment cooperation and explore the promising economic opportunities in the Syrian market. During the meeting, the two ministers discussed potential areas for public-private partnership and ways to strengthen targeted investments in the productive and service sectors, with the aim of supporting economic development and opening new channels for integration between Saudi Arabia and Syria. On his part, Al-Falih emphasized the importance of fostering an enabling environment for expanding regional investment partnerships. He also reaffirmed Saudi Arabia's commitment to supporting the stability and growth of Syria's economy in a way that benefits the mutual interests of both countries and promotes regional economic prosperity. Most recently, the Saudi Foreign Minister, Prince Faisal bin Farhan, headed a high-level economic delegation to Syria, where he met with the Syrian Transitional President, Ahmed Al-Sharaa, in Damascus. They discussed avenues for joint cooperation aimed at supporting Syria's economy, enhancing the development of its governmental institutions, and fulfilling the aspirations of the Syrian people. The discussions yielded in the announcement of a Saudi-Qatari joint financial support package for Syrian public sector employees for three months. 'This support aims to contribute to economic and social stability, improve living conditions, and reinforce development efforts in Syria,' Saudi Arabia and Qatar said in a joint statement. In April 2025, Saudi Arabia and Qatar had committed to settling Syria's outstanding arrears to the World Bank Group, which is around $15 million, in order to support and accelerate the recovery of Syria's economy. Short link : Post Views: 7
