Pakistan’s Financial Intelligence Unit (FIU) and Financial Monitoring Unit of Pakistan on Wednesday signed a Memorandum of Understanding (MoU) with the United Arab Emirates (UAE) to combat money laundering and terrorism financing.

The agreement was signed by Ambassador of Pakistan to UAE Ghulam Dastagir and UAE Financial Intelligence Unit Acting Head Ali Faisal Ba’Alawi after which Dastagir expressed confidence in enhanced cooperation between the two countries by exchanging information to help combat money laundering and other financial crimes.

“Signing the MoU reflects the strong commitment of the government of Pakistan to enhance cooperation with the international community on combating money laundering and financing of terrorism,” he said.

Ba’Alawi said that the MoU was reflective of “the strong and deep relations between the UAE and Pakistan”.

“The MoU with the Financial Monitoring Unit of the Islamic Republic of Pakistan comes in line with the interest of the UAE in contributing effectively to the international community’s common goal to exchange financial information related to money laundering and terrorism financing crimes,” he said.

The Financial Action Task Force (FATF) – a global body that develops policies to curb money laundering and terror financing – put Pakistan on its grey list in June last year. Pakistan has to meet its 27-point action plan to escape getting blacklisted as a non-compliant nation.