THE Financial Intelligence Units of France (Tracfin) and the United Arab Emirates (UAE-FIU) have signed a Memorandum of Understanding to strengthen their “already high level of bilateral cooperation” in the fight against money laundering and the financing of terrorism (BC-FT).
This Memorandum of Understanding (MoU) aims to facilitate the exchange of information relating to suspicious financial transactions.
“It underlines the efforts made by both FIUs to make the fight against related criminal activities as effective as possible, particularly with regard to the financing of terrorism and the laundering of drug trafficking,” said Tracfin.
The Memorandum was signed in Malta on February 1 last during a meeting of the Egmont Group, by Ali Faisal Ba’Alawi, Director of the EAU-FIU, and Guillaume Valette-Valla, Director of Tracfin.
Bruno Le Maire, French Minister for the Economy, Finance and Industrial and Digital Sovereignty, said: “This agreement is a further step in strengthening bilateral cooperation between our two countries. The fight against financial crime is a priority for the French Government and this agreement will strengthen the ability of both FIUs and their national partners to hinder money laundering and terrorism.”