ISLAMABAD: Saudi Arabia’s cabinet, chaired by Crown Prince Mohammed bin Salman, has approved a memorandum of understanding (MoU) with Pakistan’s Financial Monitoring Unit (FMU) to enhance cooperation in combating money laundering, terrorist financing and related crimes, the Saudi Press Agency reported this week.
Pakistan has faced significant challenges with money laundering and terrorist financing in recent years, leading to its placement on the Financial Action Task Force’s (FATF) grey list in June 2018.
After implementing comprehensive reforms to strengthen its financial system, the country was removed from the grey list in October 2022.
The FMU, established under the Anti-Money Laundering Act of 2010, serves as Pakistan’s financial intelligence unit, responsible for analyzing suspicious transaction reports and coordinating with international counterparts.
“[The cabinet approved] a memorandum of understanding between the General Department of Financial Investigation at the Presidency of State Security in the Kingdom of Saudi Arabia and the Financial Monitoring Unit in the Islamic Republic of Pakistan regarding cooperation in exchanging investigations related to money laundering, terrorist financing, and related crimes,” the SPA reported.
The MoU signifies the deepening strategic relations between Saudi Arabia and Pakistan. A significant Pakistani diaspora resides in the Kingdom, and numerous Pakistani businesses have established a presence there.
Saudi Arabia has been a key supporter of Pakistan’s economy, bolstering its reserves with substantial deposits in the State Bank of Pakistan and offering deferred oil payment facilities.
The Saudi cabinet also highlighted the Kingdom’s hosting of the INTERPOL Regional Bureau as a significant step, saying it underscored international recognition of the Kingdom’s pivotal role in combating extremism and other crime in their different forms.
Saudi cabinet approves memorandum of understanding with Pakistan to combat financial crimes
https://arab.news/cfrmn
Saudi cabinet approves memorandum of understanding with Pakistan to combat financial crimes
- The development signifies deepening strategic relations between the Kingdom and the South Asian state
- MoU was signed between Pakistan’s Financial Monitoring Unit and Saudi Department of Financial Investigation
Gunmen kill Hindu man among three persons in Pakistan’s Balochistan
- No group claimed the attack in the region, where separatist groups have targeted security forces, foreigners, non-local tourists in the past
- Police official says investigations underway to ascertain motives behind the killing of the three men, all residents of Balochistan’s Khuzdar
QUETTA: Unidentified gunmen shot dead three people, including a member of the Hindu community, in Pakistan’s southwestern Balochistan province on Sunday, a police official said.
No group immediately claimed responsibility for the killings in the restive region, where Baloch separatist groups have targeted security forces, foreigners, non-local tourists and travelers in the past.
The deceased men, including a Hindu trader, his friend and servant, had been on picnic at Harhnbo Dam in Naal area of Balochistan’s Khuzdar district, according to local police station in-charge Abdullah Pandrani. All three were residents of Khuzdar’s Wadh area.
“Their bodies were handed over to relatives,” Pandrani told Arab News. “The relatives of slain tourists didn’t say whether they had any enmity.”
The killings come days after coordinated attacks by the Baloch Liberation Army (BLA) group in several districts across Balochistan that killed 36 civilians and 22 security personnel. Authorities said they had killed 216 militants in follow-up operations.
“Investigations are underway to ascertain motives behind the [latest] killings,” Pandrani added.
Balochistan, which borders Iran and Afghanistan, is the site of a decades-long insurgency waged by Baloch separatist groups who often attack security forces, foreigners and non-local Pakistanis and kidnap government officials.
Separatist militant groups blame Islamabad for exploiting Balochistan’s natural resources and denying locals a share in them. The military and civilian government reject these allegations and say they are investing in the province’s development.
