JEDDAH: Saudi Arabia’s Cabinet has approved a memorandum of understanding with Iraq to enhance financial intelligence cooperation, focusing on anti-money laundering and counter-terrorism financing measures.
The agreement, endorsed during the weekly ministerial meeting chaired by Crown Prince Mohammed bin Salman in Riyadh on Aug. 27, involves exchanging investigations between the Saudi General Directorate of Financial Investigation at the Presidency of State Security and the Iraqi Money Laundering and Countering Financing of Terrorism Office, according to the Saudi Press Agency.
The deal was initially signed on the sidelines of the Arab Forum of Anti-Corruption Agencies and Financial Intelligence Units, held in Riyadh in May, which brought together around 600 experts and 75 speakers.
The Kingdom has made significant strides in combating money laundering and counter-terrorism financing by establishing comprehensive laws within these sectors.
Saudi Arabia has also formed partnerships and information-sharing agreements with other countries and international organizations, such as the Financial Action Task Force, to bolster global efforts against monetary crimes.
As a founding member of the Middle East and North Africa region’s FATF since November 2004, the Kingdom’s full membership reflects its reported “tangible progress” and efforts in implementing the task force’s guidelines.
In a statement to the Saudi Press Agency following the session, Minister of Media Salman Al-Dosari said that the Cabinet also ratified a cooperation agreement for modern transportation methods between the Ministry of Transport and Logistics Services and Estonia’s Ministry of Climate.
The minister added that the ministerial council further approved two MoUs between Saudi Arabia and both Mauritius and Sri Lanka on cooperation in promoting direct investments.
Al-Dosari said that the Cabinet approved a deal between the country’s General Court of Audit and the Tunisian Court of Accounts for cooperation in accounting, auditing, and professional fields.
In February, the GCA and Tunisia’s supreme audit institution signed a MoU in Tunis to enhance cooperation in accounting, supervisory, and professional work.
Hussam Al-Angari, GCA’s president, said the deal was built on agreements his entity had signed with similar agencies in other countries.
He added that it aims to improve cooperation between the two sides in financial auditing, compliance, and performance oversight, and that would be achieved through several research and consulting projects, meetings, conferences, and training programs on topics of common interest.
The Cabinet also addressed key local economic developments, including the latest statistics and related indicators, such as the 10.5 percent increase in non-oil exports in the second quarter of 2024 compared to the same period last year.
The council also reviewed several general topics on its agenda and took the necessary actions.
