UAE, China agree to cooperate on money laundering, terrorism financing

Published 04 Aug,2021 via Arab News - Economy ABU DHABI - The Financial Information Unit of the UAE’s central bank has signed a memorandum of understanding with the China Anti-Money Laundering Monitoring and Analysis Center to share financial information to aid the combating of money laundering and terrorism financing.

The MOU will see the two authorities exchanging transaction information related to their respective investigations, in accordance with the local laws and regulations applicable in both countries, the UAE’s state news agency WAM reported.

The agreement was signed by Ali Faisal Baalawi, head of the Financial Information Unit in the UAE, and Zhou Yunjun, director general of the China Center for Anti-Money Laundering Monitoring and Analysis.

“We will continue our unremitting joint efforts to confront all suspicious activities at the regional and international levels, and we will endeavor to reduce the threats these activities pose to the stability and integrity of the global financial system,” said Baalwai.

The UAE has become the largest market for Chinese exports, and the second largest trading partner for China in the Arab world, said Zhou.

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