UAE, Italy sign MoU to combat financial, economic crimes

The UAE General Secretariat of the National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee (GS-NAMLCFTC) and the Italian Guardia di Finanza on Friday signed a Memorandum of Understanding for a strategic partnership in the fight against the emerging financial crime threats.

By fostering coordinated efforts, this agreement facilitates the exchange of expertise and best practices between law enforcement agencies and AML authorities, to effectively counter key threats such as money laundering and tax evasion.

The MoU was signed by Hamid Saif Al Zaabi, General Secretary and Vice-Chair of the UAE the National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee AMLCFT Committee, and Lieutenant General Leandro Cuzzocrea, Chief of Staff of the Guardia di Finanza.

Al Zaabi said, “The signing of this MoU represents a crucial step in strengthening the relationship between the UAE and Italy in the realm of financial crime prevention. Together, we aim through this MoU to set a global benchmark for international cooperation, ensuring that financial systems are safeguarded from illicit activities and that perpetrators are brought to justice.

"The strong bilateral cooperation between the UAE and Italy in AML/CFT has led to the arrest and extradition of high-profile criminals and the seizure of significant illicit assets. 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.”

Lt. Gen. Cuzzocrea highlighted, “The UAE General Secretariat of the National Anti -Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee is a key institutional partner for the Guardia di Finanza. I am confident that the Memorandum we have just signed will foster the cooperation in the areas of mutual interest, thus contributing to strengthening our efforts to address the challenges of safeguarding legality and security in our Countries.”

The signing of the MoU comes as an enhancement of the strategic and operational cooperation between the relevant authorities in both countries, particularly in the areas of international cooperation, extradition of criminals, and combating illicit financial flows across borders.

The MoU was signed in conjunction with the 250th anniversary celebrations of the establishment of the Italian Financial Police.