File Photo/Somali Times
The United Arab Emirates Financial Intelligence Agency has signed a memorandum of understanding with Bangladesh’s Financial Intelligence Unit and the Somali Federal Government’s Financial Reporting Center.
The purpose of this agreement is part of efforts to exchange financial information and experience, in order to combat financial crime in these countries. The agreements, signed on a line with the UAE’s overall goal of fighting money laundering and the financing of terrorist groups, underscored the benefits of intelligence exchanges for mutual benefit.
The agreement was signed by Ali Faisal Ba’Alawi, the UAE’s head of financial intelligence. Somalia was signed by Amina Ali, director of the Financial Reporting Center. Bangladesh is signed by Abu Hena Mohammad, Bangladesh’s chief intelligence officer.
Ali Faisal Ba’Alawi, head of the UAE’s Financial Intelligence Department, said the agreements with Somalia and Bangladesh would rekindle their efforts to prevent financial crimes and strengthen ties between the UAE, Bangladesh and Somalia.
The United Arab Emirates are one of the world’s leading money laundering countries, and a report in 2020 said that tackling corruption and money laundering in the UAE was a global challenge. And must be addressed.