The UAE and Bahrain sign a memorandum of understanding to enhance cooperation in combating financial crimes

Manama, November 18 / WAM / The General Secretariat of the National Committee to Combat Money Laundering and Combating the Financing of Terrorism and the Financing of Arms Proliferation signed a memorandum of understanding with the Bahraini Committee to Combat Money Laundering and Combating the Financing of Terrorism.

The memorandum was signed by His Excellency Hamid Al Zaabi, Secretary-General and Vice-Chairman of the UAE National Committee, and Her Excellency Sheikha Mai bint Mohammed Al Khalifa, CEO of the National Financial Investigation Center and Chairman of the Anti-Money Laundering and Terrorist Financing Committee in the Kingdom of Bahrain, on the sidelines of the forty-first general meeting of the Middle East and North Africa Financial Action Task Force (MENAFATF), which was held in Manama, Bahrain.

A statement issued today said that the memorandum of understanding establishes a formal framework to enhance coordination and cooperation between the UAE and Bahrain in the field of confronting money laundering, predicate crimes, combating the financing of terrorism, and financing the proliferation of weapons, and aims to deepen practical, technical and policy cooperation between the two countries, in line with the priorities of the joint UAE-Bahraini presidency of the Financial Action Task Force for the year 2026.

His Excellency Hamid Al Zaabi stressed that this memorandum reflects the joint vision of both the UAE and the Kingdom of Bahrain towards building a more coordinated, flexible and effective regional response to combating financial crimes, explaining that the partnership will contribute a pivotal role in enhancing institutional cooperation and supporting the objectives of the framework for combating money laundering and terrorist financing in the region, especially with the two countries preparing to assume the joint presidency of the Middle East and North Africa Financial Action Task Force (MENAFATF) in 2026.

For her part, Her Excellency Sheikha Mai bint Mohammed Al Khalifa stressed that this step will contribute to consolidating joint cooperation and enhancing the ability to confront these challenges more effectively, based on the awareness of the importance of strengthening efforts in combating money laundering and terrorist financing, and consolidating the principles of transparency and integrity through a formal framework for communication and coordination.

Under the memorandum, the two parties will cooperate in exchanging knowledge, experiences and best practices in the areas of policy, supervision and implementation, developing joint training and awareness programmes, and working on risk-based monitoring and supervisory tools that are compatible with the standards of the Financial Action Task Force (FATF).

The memorandum stipulates the exchange of case studies and models on cross-border financial crimes, conducting joint research and publications, and forming work teams to address emerging risks and enhance the resilience of national systems in the face of illicit financial flows, in addition to holding periodic consultations between the two committees to follow up implementation, evaluate progress, and explore new opportunities for cooperation.

The two sides affirmed their commitment to supporting the secretariat of the Financial Action Task Force for the Middle East and North Africa and contributing to the success of the third round of the group’s mutual evaluation processes.

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