Saudi Arabia has signed a memorandum of understanding with Pakistan to enhance cooperation in the investigation of money laundering and terrorism financing. This decision was part of a cabinet meeting led by Crown Prince Mohammed bin Salman, which also focused on the country’s diplomatic efforts and security initiatives, including the establishment of Interpol’s regional headquarters.
Saudi Arabia’s Presidency of State Security has approved a memorandum of understanding (MoU) with Pakistan’s Financial Monitoring Unit to bolster cooperation in the investigation and exchange of information related to money laundering, terrorist financing, and related crimes. This decision was made during a cabinet meeting chaired by Crown Prince Mohammed bin Salman in Riyadh on Tuesday.
During this meeting, the Crown Prince briefed the cabinet on various diplomatic discussions, including his meetings with Syrian President Ahmed Al-Sharaa and German President Frank-Walter Steinmeier, in addition to a phone call with the European Council President António Costa. The cabinet also reviewed Saudi Arabia’s diplomatic efforts to promote global peace and stability, highlighting positive developments in negotiations with Japan.
A significant aspect of the cabinet session was the announcement that Saudi Arabia would host the regional headquarters of Interpol for the Middle East and North Africa. This is anticipated to enhance efforts in combating terrorism and various forms of crime across the region.
Moreover, the cabinet discussed the recent outcomes of the six-party Arab ministerial consultative meeting regarding Palestine, which underlined the importance of a sustainable ceasefire and an expedited humanitarian aid effort in Gaza. Additionally, various agreements were approved, including a security pact with Qatar and MoUs allowing visa-free travel for diplomatic passport holders from Tajikistan and Azerbaijan.
In a structural change, the authority for issuing licenses in the financial and accounting sectors transitioned from the Ministry of Commerce to the Saudi Authority for Auditors and Accountants. The cabinet meeting also included reviews of annual reports from various governmental bodies, such as the Ministry of Municipal and Rural Affairs and Housing, and the Food and Drug Authority.
The approval of the MoU between Saudi Arabia and Pakistan marks a strategic effort to tackle money laundering and terrorism financing effectively. Such collaborations are crucial for nations striving to enhance their financial security and combat illicit financial flows. The discussions within the cabinet also reflect Saudi Arabia’s broader diplomatic initiatives to stabilize the region and reinforce international law enforcement cooperation through Interpol’s presence in the Middle East.
In conclusion, the recent agreement between Saudi Arabia and Pakistan demonstrates a committed approach to combating money laundering and related financial crimes. The cabinet’s discussions also underscore the kingdom’s dedication to maintaining stability in the region through diplomatic engagement and strengthening security cooperation with neighboring countries. Such initiatives are essential for fostering a collaborative environment to address shared security challenges.
Original Source: tribune.com.pk
