RIYADH: Saudi Arabia and Kuwait have signed a memorandum of understanding to bolster cooperation in the fight against money laundering and the financing of terrorism, reinforcing regional efforts to strengthen financial security.
The agreement, inked between Saudi Arabia’s General Department of Financial Investigations and Kuwait’s Financial Intelligence Unit, was finalized on the sidelines of the second meeting of the Gulf Cooperation Council Committee of Financial Intelligence Units, held in Kuwait, the Kuwait News Agency reported.
The MoU aims to enhance intelligence sharing and operational coordination between the two nations. It is expected to significantly improve the effectiveness of the region’s financial crime prevention frameworks, aligning with international standards and bolstering joint mechanisms among GCC financial intelligence units.
The signing follows a virtual workshop hosted in March by the National Center for Non-Profit Sector Development, which focused on preventing money laundering and terrorist financing within non-profit organizations, including charitable groups and foundations.
The agreement also reflects broader economic ties between the two Gulf neighbors. In February, Kuwait’s exports to Saudi Arabia reached SR137 million ($36.5 million), up 19.6 percent from the previous year, according to data from the Observatory of Economic Complexity.
