Saudi Arabia and Pakistan Strengthen Ties with New MoU to Combat…

Saudi Arabia and Pakistan have signed a memorandum of understanding to collaborate on investigations related to money laundering and terrorism financing. This agreement was approved during a cabinet meeting led by Crown Prince Mohammed bin Salman, where various diplomatic engagements and security pacts were also discussed, including Saudi Arabia’s intention to host the Interpol regional headquarters for the Middle East and North Africa.

Saudi Arabia and Pakistan have formalized a memorandum of understanding (MoU) aimed at bolstering cooperation in addressing money laundering and terrorist financing. This agreement was approved during a regular cabinet meeting in Riyadh chaired by Crown Prince Mohammed bin Salman. The MoU will facilitate the exchange of investigations related to financial crimes between the Saudi Directorate of Financial Investigation and Pakistan’s Financial Monitoring Unit.

During the cabinet session, Crown Prince Mohammed bin Salman informed attendees of his recent diplomatic engagements, which included discussions with the leaders of Syria and Germany, as well as a conversation with the President of the European Council. The cabinet took note of Saudi Arabia’s ongoing diplomatic efforts to promote global peace, particularly highlighting positive negotiations with Japan.

A significant announcement from the meeting was Saudi Arabia’s decision to host the regional headquarters of Interpol for the Middle East and North Africa, which aims to enhance regional security against terrorism and crime. The session also welcomed a six-party statement emphasizing the importance of a ceasefire and humanitarian assistance in Gaza.

In addition to the MoU with Pakistan, the cabinet approved a security cooperation agreement with Qatar and established new agreements with Tajikistan and Azerbaijan for visa-free travel for diplomatic and service passport holders. Moreover, there was a shift in licensing authority in the financial sector, transferring the power from the Ministry of Commerce to the Saudi Authority for Auditors and Accountants.

The cabinet reviewed several annual reports from various governmental departments, including those related to municipal affairs and housing, alongside evaluations from the Hail Development Authority, and the Food and Drug Authority.

Recent efforts by Saudi Arabia to cooperate internationally in areas of financial regulation and security have gained momentum. The establishment of the MoU with Pakistan marks a significant step in combating financial crimes across borders, addressing issues such as money laundering that pose risks to national and global security. The agreements reflect Saudi Arabia’s heightened focus on strengthening its ties with other nations on security matters, particularly in light of ongoing global security concerns.

In conclusion, the memorandum of understanding between Saudi Arabia and Pakistan represents a critical advancement in the fight against financial crime. The developments discussed during the cabinet meeting further reflect Saudi Arabia’s proactive diplomatic approach and commitment to regional security, thereby enhancing cooperation and safeguarding economic integrity in the Middle East and North Africa.

Original Source: tribune.com.pk