The United Arab Emirates (UAE) Financial Cooperation Agency (UAE FIU) has signed a memorandum of understanding (MoU) with the Financial Reporting Center (FRC) of the Federal Government of Somalia to exchange information and expertise. work to fight money laundering.
A statement from the UAE's WAM news agency said the UAE had entered into an agreement with Somalia with the aim of combating money laundering and terrorist financing, for the benefit of both parties.
The agreement was signed by UAE FIU officials, Ali Faisal Ba’Alawi and FRC Somalia Country Director, Amina Ali.
"Our agreement with Somalia reaffirms our efforts to facilitate the exchange of knowledge and experience in the fight against money laundering and terrorist financing," said Ali Faisal Ba'Alawi.
The agreement comes as relations between Somalia and the United Arab Emirates remain strained, after the federal government sided with the UAE in a dispute with Qatar.
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