Saudi Arabia has signed a memorandum of understanding with Pakistan to combat money laundering and terrorist financing. The agreement, approved during a cabinet meeting led by Crown Prince Mohammed bin Salman, aims to enhance investigative cooperation between Saudi and Pakistani financial authorities. The session also included discussions on various international engagements and approvals of other agreements bolstering regional security.

In a recent cabinet meeting chaired by Crown Prince Mohammed bin Salman, Saudi Arabia’s Presidency of State Security approved a memorandum of understanding (MoU) with Pakistan aimed at combatting money laundering and terrorist financing. This partnership involves collaboration between the Saudi Directorate of Financial Investigation and Pakistan’s Financial Monitoring Unit, enhancing the exchange of investigative information related to these financial crimes.

During the meeting, Crown Prince Salman provided insights into his recent diplomatic discussions, which included engagements with Syrian President Ahmed Al-Sharaa and German President Frank-Walter Steinmeier, as well as a conversation with European Council President António Costa. The cabinet praised these initiatives geared towards fostering global peace and stability, along with positive progress in ongoing negotiations with Japan.

A significant development from the session was the decision to establish the Middle East and North Africa regional headquarters for the International Criminal Police Organization (Interpol) in Saudi Arabia, which will bolster regional efforts against terrorism and related criminal activities. The cabinet also welcomed the conclusions from a recent six-party Arab ministerial meeting on Palestine, which advocated for a lasting ceasefire and facilitated humanitarian aid to Gaza.

Several agreements were ratified during this cabinet session, including a security cooperation commitment between Saudi Arabia and Qatar. Moreover, memoranda of understanding with Tajikistan and Azerbaijan will allow holders of diplomatic and service passports from these nations to travel to Saudi Arabia without visas.

In a reorganization of authority, the license issuance for the financial and accounting sectors was shifted from the Ministry of Commerce to the Saudi Authority for Auditors and Accountants. The cabinet also reviewed annual reports from various government sectors, such as the Ministry of Municipal and Rural Affairs and Housing, the Hail Development Authority, and the Food and Drug Authority.

The recent memorandum of understanding signed between Saudi Arabia and Pakistan underscores the growing collaboration aiming to tackle financial crimes, particularly money laundering and terrorist financing. The Saudi government has been strengthening its international relationships, as evidenced by its strategic discussions with various global leaders. Additionally, the establishment of an Interpol headquarters in the region highlights Saudi Arabia’s commitment to enhancing security and combating transnational crime.

In summary, the agreement between Saudi Arabia and Pakistan marks a significant step forward in international collaboration on financial crime. Alongside other diplomatic achievements and security measures discussed, this MoU exemplifies the proactive approach taken by Saudi Arabia to strengthen regional stability and respond effectively to global security challenges.

Original Source: tribune.com.pk

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