Saudi Arabia’s cabinet, chaired by Crown Prince and Prime Minister Mohammed bin Salman, has approved a memorandum of understanding (MoU) with Pakistan’s Financial Monitoring Unit (FMU) to enhance cooperation in combating money laundering, terrorist financing, and related crimes.
The decision was taken during a cabinet session on Tuesday, according to the state-run Saudi Press Agency (SPA).
The agreement, signed between Saudi Arabia’s General Department of Financial Investigation and Pakistan’s FMU, aims to facilitate the exchange of investigations related to financial crimes. In Pakistan, the FMU operates under the Anti-Money Laundering Act of 2010, working with financial intelligence units globally to analyze suspicious transactions and share relevant information.
Saudi Arabia has played a key role in supporting Pakistan’s financial stability, providing deposits to the State Bank of Pakistan and offering deferred oil payment facilities. The agreement reflects the strengthening strategic ties between the two countries, with a large Pakistani diaspora and business presence in the Kingdom.
The Saudi cabinet also noted the Kingdom’s hosting of the INTERPOL Regional Bureau, emphasizing its role in global efforts to combat financial crimes and extremism.