KARACHI: Pakistan and Saudi Arabia have signed an agreement to strengthen cooperation between both sides to counter corruption, money laundering and facilitate mutual legal assistance, Pakistan’s National Accountability Bureau (NAB) said on Thursday.
The agreement was signed by Mazin bin Ibrahim Al-Kahmous, president of Saudi Oversight and Anti-Corruption Authority (Nazaha) and NAB Chairman Nazir Ahmed during the inaugural session of Asset Recovery Interagency Network for Middle East and North Africa (MENA) region in Jeddah.
Under this memorandum of understanding (MoU), both agencies have agreed to strengthen collaboration through the exchange of information related to corruption and money laundering. Asset-tracing and recovery of proceeds of crime is also a common area of interest.
“The MoU envisions mutual cooperation in matters related to mutual legal assistance (MLA), and extending technical support for the preparation of MLA requests prior to their submission through diplomatic channels,” Pakistan’s NAB said in a statement.
The Nazaha president lauded NAB efforts in global drive against corruption, especially the reforms that have yielded unprecedented recoveries of 6.4 trillion Pakistani rupees or $23 billion in a short span of time, according to NAB. He particularly praised Chairman NAB’s address to the MENA ARIN forum that objectively covered the challenges faced by all states in curbing corruption.
The development comes amid growing cooperation between the two countries, particularly in defense, trade and economy. The two countries signed a ‘Strategic Mutual Defense Agreement’ during Prime Minister Shehbaz Sharif’s visit to Riyadh last month, pledging that aggression against one would be treated as an attack on both. This week, a Saudi business delegation of arrived in Pakistan to explore opportunities in various sectors.
NAB chief Ahmed lauded the Saudi leadership in taking successive anti-corruption initiatives that have rejuvenated regional anti-corruption efforts. He particularly praised the recent landmark defense agreement between the two countries that will further augment the brotherly ties between the two countries.
Pakistan and Saudi Arabia have close religious, cultural, diplomatic and strategic ties, particularly in trade and defense. The Kingdom is home to over two million Pakistani expatriates, who are the largest source of remittances to the South Asian country.
Saudi Arabia has also provided substantial support to Pakistan during its prolonged economic challenges in recent years, including oil cargoes on deferred payments as well as external financing and assistance with International Monetary Fund loan programs.
