The UAE Financial Intelligence Unit (FIU) has signed an agreement with the Financial Investigation Department in Bahrain and the Financial Information Centre in Namibia to combat money laundering and financial terrorism.

The signing of the memorandum of understanding (MoU) took place during the Egmont Group of Financial Intelligence Units meetings in Balaclava, Mauritius, on Wednesday, reported Emirates news agency Wam.

The MoU was signed by Ali Faisal Ba'Alawi, Acting Head of Financial Intelligence Unit, with Sheikha May bint Mohammed bin Khalifa Al Khalifa, Director of the Financial Intelligence Unit of the Kingdom of Bahrain, and with Leonie Dunn, Director of the Financial Information Center for the Republic of Namibia respectively.

According to the MoU, respective entities identified aspects of cooperation represented in coordinating work and joint efforts and ways to enhance them in the areas of combating money laundering and financial terrorism, by providing a common framework for sharing information and experiences.

Mubarak Rashed Al Mansoori, Governor of the Central Bank of the UAE and Chairperson of the National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organisations, stated: "The MoU comes in line with the interest of the UAE in contributing effectively with the international community to achieve common goals in the field of information exchange for the purpose of cooperation for the public interest.

“We also aim, through this cooperation, to establish a framework for coordination between the authorities, especially with regard to combating money laundering and terrorist financing that requires concerted efforts, and in accordance with the laws related to the terms of this memorandum."

Ali Faisal Ba’Alawi said: "The signing of the MoU with Bahrain and Namibia is a clear indication of our keenness to combat these crimes through the cooperation of the units in assembling, developing and analyzing information related to suspected money laundering associated predicate offences or terrorist financing, and exchanging the widest range of available or obtainable information."