The UAE and Italy signed today a Memorandum of Understanding, marking the beginning of a strategic partnership in their fight against emerging financial and economic crime threats.
Under the agreement, the UAE’s General Secretariat of the National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organizations Committee (GS-NAMLCFTC) and the Italian Guardia di Finanza will work together on combating financial crimes by fostering coordinated efforts and exchanging expertise and best practices to effectively counter key threats such as money laundering and tax evasion.
Safeguarding financial systems
The latest partnership between the two authorities enhances the longstanding strategic and operational cooperation between the relevant authorities in both the UAE and Italy, particularly in the areas of international cooperation, extradition of criminals and combating illicit financial flows across borders. The agreement also marks the 250th-anniversary celebrations of the establishment of the Italian Financial Police.
“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,” stated Hamid Saif Al Zaabi, general secretary and vice-chair of the NAMLCFTC.
Al Zaabi added that the strong bilateral cooperation between the UAE and Italy in this field has led to the arrest and extradition of high-profile criminals and the seizure of significant illicit assets. The two countries have a Mutual Legal Assistance Treaty in place which the two ministries of Justice signed in March 2022.
For his part, Lieutenant General Leandro Cuzzocrea, chief of staff of the Guardia di Finanza, said: “I am confident that the Memorandum we have just signed will foster 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.”
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UAE advances international cooperation
Prior to signing the strategic partnership, AlZaabi led a UAE delegation in June to meet with Italian partners in the combating of money laundering and the financing of terrorism to discuss ongoing technical cooperation.
During the meeting, he explained that the UAE and Italy work closely in the fight against financial crime through bilateral cooperation as well as the Financial Action Task Force (FATF), UN conventions, and bilateral and multilateral agreements facilitating information sharing and joint investigations. In addition, the UAE’s relevant authorities and law enforcement agencies work closely in exchanging information and financial intelligence and coordinating operations.
Earlier this month, a high-level delegation from the UAE which AlZaabi also led, conducted a four-day mission in the USA, convening with strategic partners in Washington DC to advance cooperation and partnership between the two parties in combatting financial crime and preserving international financial security.
The UAE delegation’s agenda included reviewing existing bilateral operational initiatives to further focus on priority issues such as cross-border asset recovery efforts, virtual asset risks and investigations, public-private partnerships and strengthening regulatory coordination to ensure greater effectiveness in addressing global financial challenges.
