The UAE General Secretariat of the National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organisations Committee (GS-NAMLCFTC) has signed a Memorandum of Understanding (MoU) with the Italian Guardia di Finanza to strengthen its cooperation in countering financial crime threats. The MoU was signed on Friday, which seeks to combat new challenges that include money laundering and tax evasion through mutual cooperation and sharing of expertise between the two nations.
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MoU has been signed by the two dignitaries including General Secretary and Vice-Chair of the UAE’s National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee, Hamid Saif Al Zaabi and Chief of Staff of the Guardia di Finanza Lieutenant General Leandro Cuzzocrea. The MoU, as it marks an attempt by both the nations in a strong bid to improve the global cooperation against financial crimes.
Improving International Cooperation
Speaking about the agreement, Al Zaabi highlighted the importance of the cooperation as far as the relationship of UAE-Italy is concerned regarding preventing financial crime. “This MoU signing represents a fundamental step in consolidating the UAE and Italy partnership with respect to fighting financial crimes.” He further said, “Together we will seek in this MoU to set an international benchmark on cooperation where the financial systems are protected against illicit activities and perpetrators of these crimes are brought to book.”
Al Zaabi further emphasized the outputs of the bilateral cooperation which included the arrest and extradition of high-profile criminals and freezing of significant illicit assets. He added, “By signing this MoU, we are sending a clear message to criminals that we will relentlessly protect our societies and economies from the destructive impact of their actions.”
Italy’s Side of the Partnership
Lt. Gen. Cuzzocrea said that he was fully confident about the strategic partnership between the two nations. “The UAE General Secretariat of the National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organisations Committee is a key institutional partner for the Guardia di Finanza. I am convinced that the Memorandum we signed now will bring cooperation in areas of mutual interest and contribute further to our efforts in strengthening us against the challenges of keeping legality and security in our countries,” he said.
A Milestone in Financial Crime Prevention
It symbolizes the improvement in the operational and strategic cooperation between the United Arab Emirates and Italy. In essence, it deals with some issues such as international cooperation, extradition of criminals, and combating illicit financial flows across borders. The signing is perceived as a critical stride to protecting financial systems and economies against the destructive effects of financial crimes.
The signing of the agreement coincided with the 250th anniversary of the establishment of the Italian Financial Police, which underlined the long-standing commitment of both nations to maintaining legality and security.
