The National Financial Information Authority in Morocco and the UAE Executive Office for Combating Money Laundering and Terrorism Financing have improved their cooperation in order to combat financial crimes.

During the MENAFATF 2023 Applications Workshop, where officials from 21 nations convened to exchange information and best practices, the two organizations signed a memorandum of understanding.

The goal of the memorandum of agreement is to improve bilateral collaboration between Morocco and the UAE in the fight against money laundering, terrorism financing, and proliferation finance. Director General of the Executive Office Hamed Al Zaabi thinks that the agreement will make it much easier for the two nations to work together.

To enhance regional and local understanding of financial crime threats, the collaboration will put a special emphasis on capacity building, awareness raising, and information sharing.

The deal intends to improve the business climate for trade and investment between the two nations and beyond, which will benefit the world economy.

A framework for cooperation will be established by the agreement, including the creation of a joint committee to oversee and implement its contents, coordinate various tasks, and promote communication between the two parties. The agreement, according to Dr. Jawhar Al Nafisi, Chairman of Morocco’s National Authority for Financial Information, has been praised for giving the partnership an institutional character that promotes greater organization, adaptability, and sustainability while also embodying a synthesis of interests.

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